India’s pharmacy and healthcare platform PharmEasy is in talks to buy a ₹7,000 crore stake in diagnostics services chain Thyrocare, according to people familiar with the matter.
A major reason for the chairman and founder Dr.Velumani to sell stake in the company could be the lack of succession options at the diagnostic chain as well as the current rewarding times. As a part of the deal, he might even look at investing in API Holdings, PharmEasy’s parents organization.
The promoters of Thyrocare would probably sell a stake that might possibly trigger an open offer for the company’s shareholders. As of March 2021, the promoters held a stake of 66.14 percent in Thyrocare.
After B capital bought a $20 million stake, PharmEasy is presently valued at $1.8 billion. API Holdings Private Ltd. has been strengthening its portfolio ahead of the IPO. PharmEasy became India’s largest medicine delivery platform due to its Medlife purchase. Recently, former banker Aditya Puri has joined the board of the company to help the widening of its businesses.
The pan-India diagnostic chain made its debut listing on the stock exchanges in May 2016 with a market capitalization of around ₹3,000 crore. The share price has jumped to about ₹1,300/share and gained ₹300/share in June 2021. It was trading at ₹1,315, soared by nearly 1.4 per cent at the time of publishing.
PharmEasy’s parent API Holdings may have two listed companies after a deal for Thyrocarel along with the planned IPO. The deal structure in the making addresses separate listed entities existence in the group.