Piramal Enterprises Limited today announced that its wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc, a US based Contract Development and Manufacturing Organisation in an all cash deal for a total consideration of USD 42.95 million.
There will also be an earn-out consideration capped at $10 million, subject to achievement of certain profitability targets and payable over the next six months.
Ash Stevens has 12 FDA approvals for innovator small molecule APIs and has a pipeline of development products.
Commenting on the acquisition Mr. Vivek Sharma, CEO of PEL’s Pharma Solutions business said “Highly Potent Active Pharmaceuticals Ingredients(HPAPI) is one of the fastest growing segments in the pharmaceutical sector and more than 50% of the HPAPIs are anti-cancer drugs.
“Ash Stevens will add high potency capabilities to the services we offer our customers.”
Piramal Enterprises Limited (PEL) is one of India’s large diversified companies, with a presence in Healthcare, Healthcare Information Management and Financial Services. PEL’s consolidated revenues were around $ 1 billion in FY2016, with 61% of revenues from outside India.