API Holdings Limited, the parent company of PharmEasy, has signed definitive documents to acquire a 66.1% stake in Thyrocare Technologies Ltd (Thyrocare) from Dr. A Velumani and affiliates at a price of Rs 1,300 per share, aggregating to Rs 4,546 crore.
The deal is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100 percent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake.
Siddharth Shah, CEO, API Holdings, said, “We are delighted to be partnering with Thyrocare. We will provide a world-class customer experience in diagnostics, rivaling 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.”
The statement stated, "The collaboration between PharmEasy and Thyrocare is unique and transformative for the Indian healthcare sector, consumers, and the entire healthcare ecosystem. The synergies of both, India’s largest digital health platform and one of the largest, cost-effective diagnostics solution providers (by volume) will reimagine and accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800 million Indians."
PharmEasy has a base of 12 million consumers, a network of over 6,000 digital consultation clinics, and 90,000+ partner retailers across India. Presently, it serves more than one million patients for their pharmacy and diagnostics needs and conducts 300,000 consultations on a monthly basis. On the other hand, Thyrocare is one of the leading diagnostics solution providers by volume, performing more than 110 million tests annually. Thyrocare is one of the largest B2B players in the diagnostics space and has a network of 3,330+ collection centres across 2,000+ towns in India.
Dr. A Velumani, Chairman and MD, Thyrocare, stated, “I am excited about this relationship, unique of its kind in the Indian healthcare industry. The unique reach and strength of Thyrocare in diagnostics, blended with a young and dynamic team of PharmEasy, will bring in better healthcare solutions for the common man nationwide.”