Piramal Pharma Limited’s Contract Development and Manufacturing Organization (CDMO), Piramal Pharma Solutions, announced today that PPL has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd. for an upfront consideration of INR 775 crores and earn-outs linked to achievement of milestones.
Hemmo is one of India’s largest manufacturers of synthetic peptides with a legacy of more than thirty eight years in business supplying peptide products and custom peptide synthesis. Hemmo has R&D capabilities and GMP manufacturing facility. The company has strong expertise in both solution phase and solid phase synthesis of peptides.
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “Hemmo has demonstrated excellence and a great quality track record with a differentiated and hard to replicate capability. Once welcomed into the PPL family, it will be another example of a distinctive offering to attract and delight customers. This is the third Pharma acquisition this fiscal year, and yet another example of the implementation of our profitable growth strategy.”
Peter DeYoung, CEO, Pharma Solutions, Piramal Pharma Limited said, “During the past decade, peptide drugs have seen increased use in oncology, treatment of diabetes and obesity. The growth in therapies for rare diseases and orphan drugs has also increased the need for peptides. This acquisition enhances our ability to provide integrated solutions that our customers need and further expands ways in which we can help reduce the burden of disease on patients.”
Madhu Utamsingh, Promoter and Managing Director of Hemmo said, “We are very excited about this transaction and believe PPS is an ideal partner to take the business through its next phase of growth. Hemmo’s employees and customers have been core to the business and I strongly believe, will benefit from PPS’ expertise in providing integrated services globally.