Piramal Enterprises sells Piramal Imaging to UK firm
Piramal Enterprises Ltd has sold its entire stake in Piramal Imaging SA to the UK-based medical imaging services provider Alliance Medical Acquisitionco Ltd. The sale was done at a base consideration of $1 plus about $1.18 million toward working capital adjustment on completion of the sale.
The transaction also involves deferred consideration that will be subject to future profits of the company. Piramal Imaging, a step-down subsidiary of Piramal Enterprises, reported revenue from operations of Rs 127.48 crore in the fiscal year ended 31 March 2018.
Piramal Imaging was formed in 2012 with the acquisition of the molecular imaging research and development portfolio of Bayer Pharma AG. The company is aimed at development and global commercialization of innovative molecular imaging agents that improve early detection and characterization of chronic and life-threatening diseases.