Piramal’s integrated drug substance and drug product offering will now include peptides
Piramal Pharma has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals for an upfront consideration of INR 775 crores ($105 m) and earn-outs linked to achievement of milestones.
As Piramal continues to expand and grow its capabilities and position as a leading CDMO, the acquisition marks its foray into the development and manufacturing of peptide APIs. Hemmo is a pure-play synthetic peptide API manufacturer. With the addition of Hemmo’s capabilities, PPS will gain access to the growing market and enhance its offering to customers globally.
Hemmo has R&D capabilities and a GMP manufacturing facility compliant to US, EU, and Asian regulatory agencies. The company has 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.”
The acquisition is expected to add more than 250 employees to PPS, including several PhD scientists and a quality team of more than sixty. The acquisition agreement is subject to customary regulatory closing conditions.