31 Mar , 2021 By : Kanchan Joshi
Mumbai: Piramal Pharma Solutions (PPS) will acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd for Rs775 crore, the companies said on Wednesday.
PPS is the contract development and manufacturing organization of Piramal Pharma Limited’s (PPL).
This is the third acquisition for PPS in the pharma space this fiscal. The latest acquisition marks PPS’ foray into the development and manufacturing of peptide active pharmaceutical ingredient (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 over 38 years in business. Through Hemmo, PPS will gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers globally.
Hemmo has R&D capabilities and a world-class manufacturing facility that has been inspected and deemed compliant by US, EU, and Asian regulatory agencies. The company has strong 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."
During the past decade, peptide drugs have seen increased use in oncology, treatment of diabetes and obesity. The growth in therapies for rare diseases and orphan drugs has also increased the need for peptides.
"This acquisition enhances our ability to provide integrated solutions that our customers need and further expands ways in which we can help reduce the burden of disease on patients," said Peter DeYoung, CEO, Pharma Solutions, Piramal Pharma Limited.
The acquisition is expected to add more than 250 employees to PPS, including several PhD scientists and a quality team of more than 60. The agreement between the two companies is subject to customary regulatory closing conditions.
Kotak Mahindra Capital Company Ltd served as financial adviser and Economic Laws Practice as legal advisers to PPL on this transaction.
Torreya Partners India LLP served as financial adviser and Desai & Diwanji, Mumbai Office were legal advisers to Hemmo Pharma and selling shareholders on this transaction.
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