PharmEasy to acquire 66.1% stake in Thyrocare
Docon Technologies Pvt Ltd, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake
Online pharmacy unicorn PharmEasy on June 25 announced it has acquired 66.1% stake in Thyrocare Technologies. In a press statement, API Holdings Ltd (API), the parent company of PharmEasy, said it has signed definitive documents to acquire 66.1% stake in Thyrocare Technologies Ltd from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake.
Velumani will be separately acquiring a minority non-controlling stake, of less than 5% in API as part of a series of equity investments by existing and new investors of API.
PharmEasy claims to have a base of over 12 million consumers, a network of over 6,000 digital consultation clinics and over 90,000 retail partners across the country. It currently serves over 1 million patients for their pharmacy and diagnostics needs.
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Thyrocare too claims to be India’s top diagnostics solution provider by volume with over 110 million tests performed annually. It is the largest B2B player in the diagnostics space and has a network of over 3,330 collection centres across India.
“We are delighted to be partnering Thyrocare. We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale and truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours,” said Siddharth Shah, CEO, API Holdings.
Velumani too expressed his delight at the deal.
“I am excited about this relationship, unique of its kind in Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with young and dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide,” he said.