COMING OF AGE: FIRST EVER ACQUISITION OF A LISTED COMPANY BY AN INDIAN UNICORN
PHARMEASY TO ACQUIRE 66.1% STAKE IN THYROCARE FOR INR 4,546 CRS FROM DR A. VELUMANI AND AFFILIATES
COMBINED ENTITY WILL HAVE THE ABILITY TO PROVIDE DIAGNOSTICS AND PHARMACY SERVICES TO 100MN+ INDIANS WITHIN 24 HOURS
LANDMARK PARTNERSHIP TO BRING SEAMLESS, TECH-ENABLED HEALTHCARE FOR CONSUMERS, DOCTORS AND SUPPLIERS
PHARMEASY STRENGTHENS ITS LEADERSHIP POSITION AS THE LARGEST DIGITAL HEALTHCARE BRAND IN INDIA
Mumbai/Lonavala, 25 June, 2021: When it rains it pours. This is exactly what happened when the dynamic 32-year-old Siddharth Shah, Co-founder & CEO of API Holdings, met with 62-year-old, diagnostic services veteran Dr. A Velumani, Chairman of Thyrocare in monsoon drenched Lonavala over masala chai at the Thyrocare Chairman’s residence and a landmark deal was struck in record time.
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.
Dr. A 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 is India’s #1 online pharmacy and diagnostics brand, RetailIO – India's largest B2B pharma marketplace & seller, and DocOn – a leading consultation and EMR platform. The company has a loyal base of 12mn+ consumers, network of 6,000+ digital consultation clinics and 90,000+ partner retailers across the country. It currently serves over 1mn patients for their pharmacy & diagnostics needs, conducts 300k+ consultations, and issues over 1mn digital prescriptions on a monthly basis.
Thyrocare is India’s #1 diagnostics solution provider by volume with over 110mn tests performed annually. It is the largest B2B player in the diagnostics space and has a network of 3,330+ collection centres across in 2,000+ towns in India. Thyrocare operates a multi-lab model with 1 mega central processing lab, 2 zonal processing labs and 13 regional processing labs across the country. Thyrocare operates with industry leading gross margins and its lean cost structures makes it one of the most efficiently run operations in the diagnostics space.
PharmEasy’s strong belief and commitment is to provide an integrated digital health platform which enables in democratizing quality healthcare to all Indians, and the company will leverage its deep technology expertise across every single part of the OPD value chain to achieve availability, affordability and accessibility for consumers.
On the addition of Thyrocare into its portfolio, Mr Siddharth Shah, CEO, API Holdings commented “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 & truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.”
Dr A. Velumani, Chairman & MD of Thyrocare, expressed “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.”
India, with one of the fastest growing digital economies and digitally nascent healthcare sector, is on an exponential growth trajectory addressing the demand to improve quality, accessibility and convenience. From ordering medicines online to tele consultations and now diagnostic.
services, amidst the pandemic there is a shift not only in consumer preferences but also the business approach and modus operandi by doctors, hospitals, pharmacies and clinics across the country.
Comments
Post a Comment