Piramal to acquire 100% Stake in Hemmo Pharmaceuticals
Piramal Pharma Limited’s (BSE: 500302; PPL) contract development and manufacturing organization (CDMO), Piramal Pharma Solutions (PPS), has entered into an agreement to acquire a 100% stake in fellow India-based Hemmo Pharmaceuticals.
The accord provides for an upfront consideration of 7.75 billion rupees ($105.6 million) and earn-outs linked to achievement of milestones.
As PPS continues to expand and grow its capabilities and position as a leading CDMO, this acquisition marks PPS’ foray into the development and manufacturing of peptide active pharmaceutical ingredients (APIs), a capability that complements PPS’ existing service offering.
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