Online medical retailer PharmEasy has proposed to amass diagnostics providers chain Thyrocare Technologies in a deal value Rs 6,334 crore.
API Holdings Ltd (API), the dad or mum agency of PharmEasy, introduced the signing of definitive paperwork to amass 66.1 per cent stake in Thyrocare from A Velumani and associates at Rs 1,300 per share. This stake buy is valued at Rs 4,546 crore. Besides, API will purchase a further 26 per cent in Thyrocare through a compulsory open provide and is providing Rs 1,788 crore for a similar.
Docon Technologies, a 100 per cent subsidiary of API — based by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah — would be the acquirer and can make an open provide for a further 26 per cent stake.
Thyrocare shares soared by 6.23 per cent to Rs 1,448.05 on the BSE on Friday.
Velumani shall be individually buying a minority non-controlling stake of lower than 5 per cent in API as a part of a sequence of fairness investments by current and new buyers of API. PharmEasy owns on-line pharmacy and diagnostics model, RetailIO, a B2B pharma market and vendor, and DocOn, a number one session and EMR platform.
The firm has over 12 million customers, community of 6,000 plus digital session clinics and 90,000 accomplice retailers throughout the nation. Thyrocare is the biggest B2B participant within the diagnostics house.
Siddharth Shah, CEO, API Holdings stated, “We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by … building on the truly pan-India presence of Thyrocare.”A Velumani, Chairman & MD, Thyrocare, stated, “I am excited about this relationship, unique in Indian healthcare industry.”
