The listing is in line with the objective to transform the group from a multi-sector conglomerate into two separate sector-focused listed entities
Piramal Pharma Limited (PPL) got 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 of Piramal Group, Nandini Piramal, Chairperson of PPL, and Peter DeYoung, CEO, Piramal Global Pharma, along with Nayan Mehta, Chief Financial Officer and Sameer Patil, Chief Business Officer from the Bombay Stock Exchange.
In June 2020, PPL signed an agreement with The Carlyle Group to invest growth equity capital for a 20 per cent stake in Piramal Pharma. Accordingly, the pharmaceuticals business was vertically demerged from Piramal Enterprises Limited (PEL). In October 2021, the Board of Directors of PEL approved the demerger of the pharmaceuticals business and simplification of the corporate structure to transform PEL from being a multi-sector conglomerate to two separate sector-focussed listed entities in Financial Services and Pharmaceuticals.
PPL 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.
Ajay Piramal said, “Today, with the listing of Piramal Pharma, we have ensured the 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. PPL 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 said, “We are pleased that Piramal Pharma is embarking on a new journey as a focused 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 the patient, customer, and consumer-centricity.”
PPL’s CDMO business (FY22 revenue of ₹3,960 Cr) offers end-to-end development and manufacturing solutions through a globally integrated network of facilities across the drug life cycle to innovators and generic companies. The Complex Hospital Generics business (FY22 revenue of Rs 2,002 crore) offers a product portfolio that includes inhalation anaesthetics, intrathecal therapies for spasticity and pain management, injectable pain and anaesthetics, injectable anti-infectives, and other therapies. The Consumer Healthcare business (FY22 revenue of Rs 741 Cr) is among the leading players in India in the self-care space, with established brands and a nation-wise sales and marketing infrastructure serving the Indian consumer healthcare market.
Piramal Pharma is focussed on growing the business and has been consistently making investments to support the same. For the CDMO business, it is focusing on moving strategically up the value chain by leveraging an end-to-end model to offer Integrated Services with 170+ integrated projects executed to date and focusing on developing differentiated capabilities. The complex hospital generics business has a strong pipeline with 40+ SKUs at various stages of development. With the consumer healthcare division, PPL has built on its power brands – launched 40 new products and 18 new SKUs and expanded distribution into modern trade stores and e-commerce channels.
