Online pharmacy chain PharmEasy will acquire Thyrocare Technologies Ltd for Rs 4,546 crore.
API Holdings Ltd, the parent of PharmEasy, on Friday announced that it has signed definitive documents to acquire a 66.1 per cent stake in Thyrocare from Dr A. Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
The acquisition will be done by Docon Technologies Pvt Ltd, a 100 per cent subsidiary of API.
Docon will also make an open offer for an additional 26 per cent stake at the same price for Rs 1,788 crore if the offer is fully accepted.
This is at a discount of almost 8.15 per cent to the closing price of the Thyrocare scrip on Friday. On the BSE, the share ended with gains of 6.23 per cent at Rs 1,448.05.
The announcement, which came after market hours, further said that current chairperson A. Velumani will be separately acquiring a minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of the company.
PharmEasy — founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah — is also present in the B2B pharma marketplace and consultation. The company has a base of more than 12 million consumers, a network of more than 6,000 digital consultation clinics and 90,000 partner retailers across the country.
At present, it serves over 1 million users for their pharmacy and diagnostics needs, conducts 3,00,000 consultations and issues over one million digital prescriptions on a monthly basis.
On the other hand, Thyrocare is the largest B2B player in the diagnostics space and has a network of over 3,330 collection centres across 2,000 towns in India.
According to the companies, their collaboration is unique and transformative for the Indian healthcare sector. The synergies of both are expected to accelerate the delivery of high-quality diagnostic and OPD services.
‘‘We are delighted to partner Thyrocare. We will provide world-class customer experience in diagnostics by leveraging technology and building on the pan-India presence of Thyrocare,’’ Siddharth Shah, CEO of API Holdings, said.
