The contract development and manufacturing organisation of Piramal Pharma Ltd on Wednesday said it has completed the acquisition of Hemmo Pharmaceuticals Pvt Ltd.
In March, Piramal Pharma had agreed to buy 100% of Hemmo for an upfront sum of Rs 775 crore ($105.8 million) and earn-outs linked to achievement of milestones.
The acquisition will help Piramal Pharma Solutions enter into the growing peptide active pharmaceutical ingredients (API) market.
Peptides are amino acids that stimulate the production of melanin to protect skin from sun damage.
Mumbai-headquartered Hemmo was founded by the late J Hemrajani in 1979. Its turnover during financial year 2019-20 was Rs 85 crore.
In June last year, Piramal Pharma Solutions acquired a solid oral dosage drug manufacturing facility from US-based G&W Laboratories, Inc.
In the same month, its parent firm received commitment of $490 million from private equity firm Carlyle for a 20% stake.