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Motilal Oswal Report
Hemmo Pharmaceuticals’ acquisition by Piramal Pharma would add the capability to develop and manufacture complex peptide active pharmaceutical ingredients to the latter’s portfolio.
It further complements services such as drug discovery solutions, process development services, clinical trial-to-commercial supplies of APIs, and formulations.
The valuation of six times enterprise /FY21 sales (estimated at Rs 1.2 billion) is attractive as it is at a ~50% discount to leading contract development and manufacturing company players such as Divi’s Laboratories Ltd.
We raise the pharma segment Ebitda of Piramal Enterprises Ltd. by 5%/6% for FY22/FY23E after factoring in the acquisition.
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