PharmEasy to pick up 66.1% stake in Thyrocare for Rs 4,546 crore
Online medicine delivery firm PharmEasy on Friday announced that its parent API Holdings Ltd (API) will acquire 66.1 per cent stake in Thyrocare for Rs 4,546 crore from Dr A Velumani affiliates.
Thyrocare is the largest B2B player in the diagnostics space has a network of 3,330+ collection centres across in 2,000+ towns in India.
On the addition of Thyrocare into its portfolio, Mr Siddharth Shah, CEO, API Holdings said: “We are delighted to be partnering Thyrocare. We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, building on top of the massive scale & truly pan-India presenceof Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.
Dr A Velumani will be separately acquiring a minority non-controlling stake, of less than 5 per cent in API as part of a series of equity investments by existing new investors of API.
“I am excited about this relationship, unique of its kind in Indian Healthcare Industry. The unique reach strength of Thyrocare in Diagnostics blended with young dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide,” said Dr A Velumani, Chairman & MD of Thyrocare.
The combined entity will have the ability to provide diagnostics pharmacy services to 100 million-plus Indians within 24 hours, the company said in a statement.
The landmark partnership will bring seamless, tech-enabled healthcare for consumers, doctors suppliers, it further said.
The transaction is subject to regulatory other applicable customary approvals.
Docon Technologies Pvt Ltd, a 100 per cent subsidiary of API, will be the acquirer shall make an open offer for an additional 26 per cent stake.