Pharmeasy to acquire 66% stake in Thyrocare for Rs 4,546 crore

Online medical platform Pharmeasy on Friday said it will acquire a majority stake in diagnostic and preventive care laboratories chain Thyrocare for Rs 4,546 crore, which will be the first-ever acquisition of a listed company by an unicorn.

API Holdings, the parent company of unicorn Pharmeasy, and A Velumani, Chairman and Managing Director of Thyrocare Technologies, have signed a definitive agreement for the deal.

Pharmeasy will acquire 66.1 per cent stake in Thyrocare from Velumani and his affiliates for Rs 1,300 per share, a statement by the company said.

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Docon Technologies Private Limited, a subsidiary of API Holdings, has also made an open offer for acquiring 26 per cent stake in Thyrocare, as per an exchange filing by the latter.

Velumani will separately acquire a minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API. He currently holds about 28 per cent stake in the company.

The combined entity will have the ability to provide diagnostics and pharmacy services to over 100 million Indians within 24 hours, Pharmeasy said in a statement.

Shares of Thyrocare Technologies on Friday closed 6.23 per cent higher at Rs 1,448.05 on the BSE.

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