Pharmeasy- MUMBAI: Digital healthcare company PharmEasy on Friday announced the acquisition of Thyrocare Technologies, a company that operates a well-known diagnostic chain, in a deal worth more than Rs.6,300 crore . The deal also includes the purchase of a majority stake in A Velumani, the 62-year-old founder of Thyrocare.
According to a company statement, API Holdings, the parent company of FarmEasy, has signed a definitive agreement to buy 66.1% of the shares of Thyrocare from Velumani and its associates in the town of Lonavala in Pune at Rs 1,300 per share. According to the press release, the purchase price for this stake is Rs 4,546 crore.
Open offer for an additional 26% stake in Thyrocare
Apart from that, API will acquire an additional 26% stake in Thyrocare as part of an open bid and is making an offer of Rs 1788 crore for it. While in a separate transaction, Velumani was given the opportunity to invest up to five percent in the API. API Holdings chief executive Siddharth Shah said it was a bold move in which his seven-year-old company acquires 25-year-old Thyrocare.
“The deal will align PharmEasy’s offerings with Thyrocare’s services to ensure that 70% of India’s population have access to blood diagnostic reports and home medication within 24 hours,” he said.
PharmEasy actually distributes drugs. Currently, Thyrocare has a large network of 4000 partner laboratories. Whereas FarmEasy serves 17 million customers per month through a network of 6,000 digital counseling clinics and 90,000 partner retailers.
PharmEasy company distributes medicines. Presently Thyrocare has a large network of 4,000 partner laboratories. Whereas FarmEasy serves 17 million customers monthly through a network of 6000 digital counseling clinics and 90,000 partner retailers.
