Piramal Pharma acquires Hemmo Pharma for Rs 775 Cr

Piramal Pharma Limited’s (PPL) Contract Development and Manufacturing Organisation (CDMO), Piramal Pharma Solutions (PPS), has announced that PPL has entered into an agreement to acquire a 100 per cent stake in Hemmo Pharmaceuticals for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones. This acquisition marks PPS’ foray into the development and manufacturing of peptide APIs, a capability that complements PPS’ existing service offering. Hemmo is one of the few pure-play synthetic peptide API manufacturers in the global marketplace. With the addition of Hemmo’s capabilities, PPS will gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers globally. The acquisition is expected to add more than 250 employees to PPS, including several PhD scientists and a quality team of more than 60. The acquisition agreement is subject to customary regulatory closing conditions.