Piramal Pharma today listed on the Indian stock exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The milestone was marked with the ringing of the opening bell at BSE to announce the listing by Ajay Piramal, Chairman, Piramal Group; Nandini Piramal, Chairperson, Piramal Pharma and Peter DeYoung, CEO, Piramal Global Pharma, along with Nayan Mehta, Chief Financial Officer, Sameer Patil, Chief Business Officer, BSE, a statement from the company notified.
It also informed that in June 2020, Piramal Pharma signed an agreement with The Carlyle Group to invest growth equity capital for a 20 per cent stake in Piramal Pharma. Accordingly, the pharma business was vertically demerged from Piramal Enterprises. In October 2021, the Board of Directors of Piramal Enterprises approved the demerger of the pharma business and simplification of the corporate structure to transform Pharma Enterprises from being a multi-sector conglomerate to two separate sector-focussed listed entities in financial services and pharmaceuticals.
Piramal Pharma includes Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organisation (CDMO); Piramal Critical Care (PCC), a complex hospital generics business; and the India consumer healthcare business, selling Over-The-Counter (OTC) products. In addition, it has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market, the statement added.
Ajay Piramal said in the statement, “Today, with the listing of Piramal Pharma, we have ensured timely completion of the demerger process announced last year. The listing is in line with our objective to transform the group from a multi-sector conglomerate into two separate sector-focused listed entities. The simplification of the corporate structure will unlock greater shareholder value. Piramal Pharma is well poised to be a global Indian brand in the pharmaceutical space. It has an integrated business model, niche product offerings and a global team to deliver responsible growth in the future.”
Nandini Piramal, Chairperson, Piramal Pharma, said in the statement, “We are pleased that Piramal Pharma is embarking on a new journey as a focussed pharma entity with a simplified corporate structure. Today, we are growing faster than the market and are relevant to customers in each of our business lines where we offer our products and services. Going forward, we intend to maintain focus on growing our chosen business lines and will identify and secure inorganic and organic growth opportunities to generate consistent shareholder value. We take pride in our outstanding quality track record, and focus on patient, customer, and consumer-centricity.”