Piramal Pharma to acquire Hemmo Pharmaceuticals
For upfront cash consideration of Rs 775 cr
Piramal Pharma (PPL), subsidiary of Piramal Enterprises has entered into an agreement to acquire 100% stake in Hemmo Pharmaceuticals (Hemmo) for an upfront cash consideration of Rs.775 crore and earn-outs linked to achievement of milestones (the Acquisition). Consequent to this Acquisition, Hemmo would become a wholly owned subsidiary of PPL.Hemmo develops and manufactures peptide APIs and markets these to pharma companies in both domestic and global markets. Hemmo's portfolio covers 30+ APIs and custom synthesis services. Hemmo's turnover during financial years 2019-20 was Rs. 85 crore. Its manufacturing facility is located at Turbhe, which is certified by the USFDA, EQDM, etc., while its R&D facility is located at Thane which focuses on process development.
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