PharmEasy To Buy Thyrocare By 6,334 Crore Deal
- ByStartupStory | June 26, 2021
Online Medical pharmacy PharmEasy to buy Thyrocare by Rs 6,334 grote deal. API Holdings, which is the parent firm of PharmEasy, announced that documents are being signed at the moment, and they would acquire 66.1% share of Thyrocare from A Velumani and is affiliated at Rs 1,300 per share. The stake purchase alone values at Rs 4,546 crore. Besides that, API will further acquire 26 % share in Thyrocare, via an open later and will offer Rs 1,788 core for the same. Docon Technologies, a 100 per cent subsidiary of API — founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah — will be the acquirer and will make an open offer for an additional 26 per cent stake. Thyrocare shares soared by 6.23 per cent to Rs 1,448.05 on the BSE on Friday.
Velumani will be separately acquiring a minority non controlling stake of less than 5 % API, as part of the series of equity investment by both existing and new investors of API. PharmEasy owns online pharmacy and diagnostics brand, RetailIO, a B2B pharma marketplace and seller, and DocOn, a leading consultation and EMR platform. The company has over 12 million consumers, a network of 6,000 plus digital consultation clinics and 90,000 partner retailers across the country. Thyrocare is the largest B2B player in the diagnostics space.Siddharth Shah, CEO, API Holdings said, “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, said, “I am excited about this relationship, unique in Indian healthcare industry.
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