Piramal Group sells PEL DRG to Clarivate

▴ Piramal Group Logo
Piramal group divests DRG for 950 million dollar

Piramal group reported today, PEL DRG, a subsidiary of PEL and the holding company for Decision Resources Group (DRG) engaged in healthcare and analytics business, has signed a agreement for the sale of DRG to Clarivate Analytics, for  $950 Million (includes $900 million on closing and $50 million to be received at the end of 12 months from the date of closing). This transaction is subject to shareholder approval and is expected to be completed by end February 2020.

"PEL had initially invested $650 million in 2012 to acquire DRG, of which $260 million was infused as equity. It has realised 2.3 times its initial equity investment in rupee terms," the company said.

Commenting on the deal, Ajay Piramal, Chairman of Piramal Group, said, “Along with the ongoing equity capital raise in PEL, this transaction further strengthens the company’s balance sheet and marks another step towards significantly unlocking value in future."

Jerre Stead, Executive Chairman and CEO, Clarivate Analytics, said this is a milestone acquisition, which doubles the size of its life sciences business. "The deal is accretive to our 2020 earnings and sets us up as an essential, end-to-end, industry-leading data and analytics provider in the highly attractive Life Sciences ecosystem,” he added.

DRG caters to the information needs of pharmaceutical, insurance and hospitals, had contributed Rs 1,330.74 crore, or about 10 percent of PEL’s consolidated revenue of 13,215 crore.

Tags : #piramal #divests #sells #million #dollar #medicircle

Related Stories

Loading Please wait...

-Advertisements-




Trending Now

Sexual wellness superstore, Love Depot launches digital campaign to deliver every desireMarch 28, 2024
Recharge Your Life: Simple Ways to Boost Your Physical and Mental EnergyMarch 28, 2024
The Neurological Toll of Common Household Chemicals: Insights from Recent ResearchMarch 28, 2024
The Aging Puzzle: Decoding the Mechanisms of AgingMarch 28, 2024
The Double-Edged Sword of Kala-azar Treatment: Shedding Light on Eye ComplicationsMarch 28, 2024
FTCCI Launches Industry-Academia Connect to improve the employability of Engineering Graduates and address the growing demand for Talent in Emerging TechMarch 27, 2024
NTT and Olympus Begin World's First Joint Demonstration Experiment of Cloud Endoscopy SystemMarch 27, 2024
NTT and Olympus Begin World's First Joint Demonstration Experiment of Cloud Endoscopy SystemMarch 27, 2024
2nd Edition of IIFL JITO Ahimsa Run for peace & for non-violence to be held on 31st MarchMarch 27, 2024
Brij Hotels Announced 4 Million in Series A Funding March 27, 2024
Combatting Childhood Sedentariness: The Key to Preventing Premature Vascular DamageMarch 27, 2024
Crucial Findings: Unlocking Paths to Combat Ebola's DevastationMarch 27, 2024
Guarding Against Disease: The Crucial Role of Oral Hygiene in Preventive HealthcareMarch 27, 2024
Sanofi & Cipla announce exclusive distribution partnership to expand reach of CNS portfolio in IndiaMarch 26, 2024
Surmandal's Tribute to the Legends of Hindustani Classical MusicMarch 26, 2024
In Moscow, over 350,000 mammograms have been analyzed using artificial intelligence as part of the compulsory health insurance programMarch 26, 2024
Embark on a Creative Journey: "Kala For A Cause" Unveils Pottery Workshop Series March 26, 2024
Healthtech pioneer Aurora Innovation appoints new CEO – expands in Europe with service that streamlines patient-healthcare interactionMarch 26, 2024
In A Rare Feat, 45 YO Woman Walks Within 6 Hrs. Of Dual Robotic Surgery In A Single Operation At HCGMCCMarch 26, 2024
Improve Cancer Care through Automated CT Analysis: Oncoshield – CTMarch 26, 2024