Piramal to acquire Hemmo Pharma for Rs 775 crore
Mumbai: Piramal Pharma Limited's (PPL) Contract Development and Manufacturing Organization (CDMO), Piramal Pharma Solutions (PPS), announced that PPL has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd. (Hemmo) for an upfront consideration of INR 775 crores and earn-outs linked to achievement of milestones.
As PPS continues to expand and grow its capabilities and position as a leading CDMO, this acquisition marks PPS' foray into the development and manufacturing of peptide APIs, a capability that complements PPS' existing service offering.
Hemmo is one of the few pure-play synthetic peptide API manufacturers in the global marketplace. With the addition of Hemmo's capabilities, PPS will gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers globally. Hemmo is one of India's largest manufacturers of synthetic peptides with a legacy of more than thirty eight years in business supplying peptide products and custom peptide synthesis. Hemmo has R&D capabilities and a world-class GMP manufacturing facility that has been inspected and deemed compliant by US, EU, and Asian regulatory agencies. The company has expertise in both solution phase and solid phase synthesis of peptides.
Nandini Piramal, Chairperson, Piramal Pharma Limited said, "Hemmo has demonstrated excellence and a great quality track record with a differentiated and hard to replicate capability. Once welcomed into the PPL family, it will be another example of a distinctive offering to attract and delight customers. This is the third Pharma acquisition this fiscal year, and yet another example of the implementation of our profitable growth strategy."