API Holdings, the parent co. of digital healthcare brand, PharmEasy has announced the signing of definitive documents to acquire 66.1 per cent stake in Thyrocare Technologies from Dr. A Velumani and affiliates at a price of INR 1,300 per share aggregating to INR 4,546 crs.

The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies, a 100 per cent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 per cent stake.
Velumani will be separately acquiring a 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 transformative for the Indian healthcare sector,consumers and the entire healthcare ecosystem. The cost-effective diagnostics solution providers (by volume) will reimagine and accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800 mn Indians.

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Siddharth Shah, chief executive officer, API Holdings, said, “We are delighted to be partnering with Thyrocare. We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale & truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.”

Velumani said, “I am excited about this relationship, unique of its kind in Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with young and dynamicteam of PharmEasy will bring in better healthcare solutions for common man nationwide.”