API Holdings Ltd, the parent company of PharmEasy, announced the signing of definitive documents to acquire 66.1 per cent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share. Digital medicine delivery store PharmEasy will acquire 66.1 per cent stake in diagnostic chain Thyrocare for Rs 4,546 crore.
“We will provide a world-class customer experience in diagnostics rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale and truly pan-India presence of Thyrocare,” said 32-year-old Siddharth Shah, Co-founder and CEO of API Holdings.
“It is our aim to deliver all out-patient healthcare products and services to every Indian within 24 hours,” he said.
A statement issued by the company said Shah met with 62-year-old diagnostic services veteran A Velumani, Chairman of Thyrocare, in monsoon-drenched Lonavala over masala chai and the landmark deal was struck in a record time.
“The unique reach and strength of Thyrocare in diagnostics blended with young and dynamic team of PharmEasy will bring in better healthcare solutions for the common man nationwide,” said Velumani.
He will separately acquire minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.
The collaboration between PharmEasy and Thyrocare is considered transformative for the Indian healthcare sector. The synergies of both will accelerate delivery of high-quality diagnostic and OPD services to nearly 80 crore Indians, the companies said in a statement.
Thyrocare performs over 11 crore tests annually and is the largest B2B player in diagnostics space with a network of 3,330 collection centres across 2,000 towns in the country.
PharmEasy has a base of 1.2 crore consumers, a network of 6,000 digital consultation clinics and 90,000 partner retailers.