Piramal Enterprises said on Wednesday that its subsidiary Piramal Pharma completed the acquisition of Hemmo Pharmaceuticals. "Piramal Pharma Ltd has completed the acquisition of Hemmo," Piramal Enterprises said in a regulatory filing.
In March this year, Piramal Pharma Ltd entered into an agreement to acquire a 100 percent stake in Hemmo Pharmaceuticals for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones.
With the addition of Hemmo's capabilities, Piramal Pharma will be able to access the pharmaceutical grade active peptides (API) market and enhance its ability to provide integrated services to its customers globally, Piramal Pharma said in a statement in March.
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