The contract development and manufacturing organisation of Piramal Pharma Ltd on Wednesday said it has signed an agreement to acquire 100% of Hemmo Pharmaceuticals Pvt Ltd for Rs 775 crore ($105.8 million).
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.
The acquisition will also help improve the ability to offer integrated services to customers globally.
Mumbai-headquartered Hemmo was founded by the late J Hemrajani in 1979. Its turnover during financial year 2019-20 was Rs 85 crore.
The acquisition, which is subject to regulatory conditions, is expected to be completed in the next four to six months.
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.