Online medical store PharmEasy would be acquiring 66.1 percent stake in diagnostics services chain Thyrocare Technologies Ltd for Rs 4,546 crore. An official statement said to acquire 66.1 percent stake in Thyrocare and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
Docon Technologies Pvt Ltd, a 100 percent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 percent stake.
Dr A Velumani, the founder of Thyrocare, will be separately acquiring a minority non-controlling stake, of less than 5 percent in API Holdings as part of a series of equity investments by existing and new investors of API, the statement added.
Dr Velumani, founder of Thyrocare said, “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.”
According to PharmEasy, the rationale of the deal is to “create one stop shop for end-to-end healthcare solutions”. The company claimed to be sufficiently funded to acquire Thyrocare with present cash and commitments, and added all options are open on Thyrocare to be a listed entity post the acquisition.
Thyrocare listed on the stock exchanges in May 2016 with a market capitalisation of around Rs 3,300 crore on its debut. The share price has risen to around Rs 1,300/share and gained Rs 300/share in June.
Vishal Kampani, Managing Director of JM Financial Group, said, “This deal brings together India’s leading digital health platform and one of the most cost-efficient diagnostics solution providers to create an unbeatable integrated digital health platform. This partnership will create tremendous opportunities and synergies for the entire ecosystem of consumers, doctors and suppliers in the Indian healthcare sector.”
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