Online medical store PharmEasy has proposed to acquire diagnostics services chain Thyrocare Technologies in a deal worth Rs 6,334 crore. Thyrocare is the largest B2B player in the diagnostics space.  

API Holdings (API), the parent firm of PharmEasy, has announced the signing of definitive documents to acquire 66.1 per cent stake in Thyrocare from A Velumani and affiliates at Rs 1,300 per share. This stake purchase is valued at Rs 4,546 crore. Besides, API will acquire an additional 26 per cent in Thyrocare via a mandatory open offer and is offering Rs 1,788 crore for the same.  

Docon Technologies, a 100 per cent subsidiary of API – founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah – will be the acquirer and will make an open offer for an additional 26 per cent stake. 

Mr Velumani will be separately acquiring a minority non-controlling stake of less than 5 per cent in API as a part of a series of equity investments by existing and new investors of API. PharmEasy owns online pharmacy and diagnostics brand, RetailIO, a B2B pharma marketplace and seller, and DocOn, a leading consultation and EMR platform. The company has over 1.2 crore consumers, a network of 6,000-plus digital consultation clinics and 90,000 partner retailers across the country.  

Siddharth Shah, the CEO of API Holdings, has said: “We will provide world-class customer experience in diagnostics, rivalling our pharmacy experience by building on the truly, pan-India presence of Thyrocare.”A Velumani, the chairman and MD of Thyrocare, said: “I am excited about this relationship, unique in Indian healthcare industry.”