Piramal Pharma Solutions (PPS) made this third acquisition of FY21 as it entered into an agreement to purchase a 100% stake in Hemmo Pharmaceuticals Pvt. Ltd for ₹775 crore, the companies said in a joint statement on Wednesday. PPS is the contract development and manufacturing organization (CDMO) of Piramal Pharma Ltd (PPL).
The acquisition marks PPS’ foray into the development and manufacturing of peptide APIs (active pharmaceutical ingredients), complementing its existing service offerings. Hemmo is among a handful of pure-play synthetic peptide API manufacturers globally with research and development as well as manufacturing capabilities. Through Hemmo, PPS aims to gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers, the statement said.
“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,” said Peter DeYoung, chief executive, Pharma Solutions, PPL. In 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 boosted the demand for peptides. The acquisition is expected to add more than 250 employees to PPS, including several scientists.
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.”
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.”
Piramal Pharma Solutions (PPS) is a Contract Development and Manufacturing Organization (CDMO), offering end-to-end development and manufacturing solutions across the drug life cycle. We serve our clients through a globally integrated network of facilities in North America, Europe and Asia.