Online pharmacy PharmEasy on Friday announced it will acquire a controlling stake in diagnostic chain Thyrocare for Rs 4,546 crore.
API Holdings, the parent of unicorn PharmEasy and A Velumani, chairman and MD of Thyrocare Technologies, have signed a definitive agreement for the deal. Under the transaction, the Delhi-based company will buy 66.1% stake in Thyrocare from Velumani and his affiliates at Rs 1,300 per share, according to a statement.
The transaction, which is significant because an entrenched player is getting acquired by a start-up, will also see a subsidiary of API making an open offer to acquire an additional 26% stake in the listed Thyrocare, the statement said.
Velumani will be separately acquiring a minority non-controlling stake of less than 5% in API as part of a series of equity investments by existing and new investors of API.
On the addition of Thyrocare to its portfolio, 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, and building on top of the massive scale and truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products and services to every Indian within 24 hours”.
On his part, A Velumani, chairman & MD of Thyrocare, said, “I am excited about this relationship, unique of its kind in Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with young and dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide”.
India, with one of the fastest-growing digital economies and digitally nascent healthcare sector, is on an exponential growth trajectory addressing the demand to improve quality, accessibility and convenience. From ordering medicines online to tele consultations and now diagnostic services amid the pandemic there is a shift not only in consumer preferences but also the business approach and modus operandi by doctors, hospitals, pharmacies and clinics across the country, the two companies said in their joint statement.
Shares of Thyrocare closed 6.23% up at Rs 1,448.05 apiece on the BSE on Friday.