Piramal Ent-arm to acquire Hemmo Pharma for Rs 775 cr; stock gains over 3%

Hemmo is one of the few pure play peptide API manufacturers globally and is one of India's large manufacturers of synthetic peptides

Shares of Piramal Enterprises gained 3.3 per cent in the intra-day deals to quote at Rs 1,810 on the BSE on Thursday after the company's subsidiary, Piramal Pharma, acquired Hemmo Pharmaceuticals.

"Piramal Pharma’s (PPL) Contract Development and Manufacturing Organization, Piramal Pharma Solutions (PPS), announced that PPL has entered into an agreement to acquire a 100 per cent stake in Hemmo Pharmaceuticals (Hemmo) for an upfront consideration of Rs 775 crore," Piramal Enterprises said in a presentation.

Hemmo is one of the few pure play peptide API (active pharmaceutical ingredient) manufacturers globally and is one of India’s large manufacturers of