Pharmeasy acquires diagnostic chain Thyrocare for Rs 6,300 crore
Startup company PharmEasy on Friday announced the acquisition of well-known diagnostic chain player Thyrocare Technologies in a deal worth over Rs 6,300 crore. The deal also includes the purchase of a controlling stake from A Velumani, the 62-year-old founder of Thyrocare. FarmEasy's parent company API Holdings has signed a definitive agreement to buy 66.1 per cent shares of Thyrocare from Velumani and its associates in the hill town of Lonavala in Pune at Rs 1,300 per share, according to a company statement.
According to the statement, the purchase value of this stake is Rs 4,546 crore. In addition, API will acquire an additional 26 per cent in listed Thyrocare through an open offer and is offering Rs 1,788 crore for the same. Whereas in a separate transaction, Velumani has been given an option to invest up to five per cent in the API. API Holdings chief executive Siddharth Shah said it is a bold move in which his seven-year-old company is acquiring 25-year-old Thyrocare.
"The deal will align PharmEasy's offerings with Thyrocare's services to ensure that 70 per cent of India's people have access to blood diagnostic reports and medicines at their homes within 24 hours," he said. The FarmEasy company actually distributes the drugs. Thyrocare currently has a large network of 4,000 partner laboratories. Whereas FarmEasy serves 17 million customers monthly through a network of 6,000 digital counseling clinics and 90,000 partner retailers.
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