Piramal sells 20% in pharmaceutical business to Carlyle for $490 mn

Carlyle will pick up a 20 per cent stake for $490 million or around Rs 3,700 crore in the pharma subsidiary called Piramal Pharma Ltd

A decade after the Piramal group sold its domestic formulations business to US-based Abbott for $3.72 billion, it has again signed a large deal to unlock value in its existing business. On Saturday, Piramal Enterprises (PEL) said US-based private equity player Carlyle was taking a 20 per cent stake in its pharma business at an enterprise value of $2.78 billion. The group also plans to list its business arm, which has been spun off into a separate subsidiary, soon. Through this, Piramal is readying a ‘war chest’ for future strategic investments —both organic and inorganic.
 

Carlyle will pick up the