27.3 C
Saturday, September 25, 2021

PharmEasy acquires Aknamed in $180-$190 million stock deal – ET HealthWorld

PharmEasy acquires Aknamed in $180-$190 million stock dealOnline pharmacy PharmEasy has acquired cloud-primarily based hospital provide chain administration startup Aknamed in a largely stock deal price about $180-$190 million, a number of sources conscious of the event stated.

The transaction additionally concerned a small money outgo, the sources added.

Bengaluru-based Akanamed presents procurement options to over 1,200 hospitals, together with Manipal Hospitals, Columbia Asia, and Narayana Health.

The acquisition, which has similarities to its buy of Thyrocare in June, is a part of the Mumbai-based firm’s plans to place itself as a broader on-line healthcare agency, diversifying from being simply a web based drugs supply platform.

All the founders of Aknamed will get shares in PharmEasy’s mum or dad entity API Holdings and extra stock choices, the sources stated. The deal comes forward of a deliberate Initial Public Offering by API Holdings, which can file its draft IPO papers by subsequent month.

Lightrock (a part of the LGT Group), a typical investor in each corporations, will see its stake enhance in API Holdings as a part of the deal, the sources added.

“It’s PharmEasy’s company now and the founders are getting stock in API Holdings besides the ESOPs (employee stock ownership plans) as performance-based incentive ahead of the planned IPO,” an individual briefed on the matter stated.

Aknamed’s month-to-month income run-price grew 10 occasions by the top of the earlier monetary yr, the sources stated.

ET reported on September 14 that PharmEasy was finalising a $200 million main fund infusion from US-primarily based and Southeast Asian buyers, following which it might be valued at round $6 billion. It was valued at $4.2 billion in June.

Aknamed was based by Saurabh Pandey and Mahadevan Narayanmoni in 2018, with Mayank Kapoor, Shaunak Joshi and Varun Vohra becoming a member of the corporate as cofounders a bit later.

Pandey didn’t reply to ET’s electronic mail, whereas Siddharth Shah, cofounder and chief govt of API Holdings, declined to remark.

Aknamed’s founders are prone to proceed operating the corporate together with the founder group at PharmEasy in the close to-time period.

In May, Aknamed had acquired Vardhman Health for about $35 million and was additionally reportedly in talks to lift recent capital from buyers.

#Note-Author Name –

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles