Piramal Enterprises shares up by 3% as firm acquires Hemmo Pharma for Rs 775 cr



News24

LAST UPDATED: April 1, 2021, 1:34 p.m.

New Delhi (Anish Yande): Shares of Piramal Enterprises rose by 3 percent on Thursday’s trading session. Piramal Enterprises shares rose to a high of Rs 1,794 per share at 09.30, following the opening bell.  

The shares were at an intraday high of Rs 1,819.55 per share on Thursday and an intraday low of Rs 1,766.55 per share. On the BSE, the share rose to a high of Rs 1,809.55, at an increase of 3.28 percent. The previous close price was Rs 1,752 per share. The market cap of Piramal Enterprises Ltd increased to Rs 40,360.09 crore.

Piramal Pharmaceuticals shares rise following acquisition:

Shares of Piramal Pharmaceuticals Ltd rose following the firm’s acquisition of Hemmo Pharmaceuticals through an all-cash deal.  Piramal Pharma Ltd., which is a unit of Piramal Enterprises would be acquiring a 100 percent stake in the pharma firm for a consideration of Rs 775 crore. 

Following the acquisition, Hemmo Pharmaceuticals would be a wholly-owned subsidiary of Piramal Pharma Ltd.

Hemmo Pharma develops and manufactures peptide active pharmaceutical ingredients. The pharma firm is one of India’s largest manufacturers of synthetic peptides. Through the acquisition, Piramal Enterprises would be venturing into the development and manufacturing of peptide APIs. 

Piramal Enterprises would be entering into the expanding peptide API market. The firm would be enhancing its ability for offering integrated services to its global customer base.

Hemmo Pharma’s synthetic peptides operations acquired:

Hemmo Pharmaceuticals has a manufacturing facility located in Turbhe, Navi Mumbai. The manufacturing facility is certified by the U.S. Food and Drug Administration. Hemmo Pharma has an R&D facility in Thane.

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The Hemmo Pharmaceuticals acquisition is the third pharma acquisition by Piramal Pharmaceuticals Ltd. in this fiscal year. 

Nandini Piramal, the Chairperson of Piramal Pharma Ltd, has stated that Hemmo has a ‘great quality track record with a differentiated and hard to replicate capability.’ Piramal Pharma aims to attract and delight customers through new offerings, following the acquisition. 

Image Credit: Google



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