This transaction is subject to shareholder approval and is expected to be completed by end February, 2020.
PEL had initially invested $650 million in 2012 to acquire DRG, out of which $260 million was infused as equity. Piramal has achived a 2.3 times return on its initial equity investment in rupees terms, the statement added.
DRG – the data, analytics and insights business of the Piramal Group, specializes in enabling the pharma, biotech and medical technology companies to achieve commercial success in complex health markets with the creation of effective patient-centric commercial strategies.
With this acquisition, the over $5 billion Clarivate is expected to be well positioned in the $19 billion Life Sciences analytics market, which is enjoying double-digit growth, to support customers across the entire drug, device and medical technology lifecycle from research to outcome.
“This transaction demonstrates our continued commitment to create sustained long term value for all stakeholders,” said Ajay Piramal, Chairman, Piramal Group. Along with the ongoing equity capital raise in PEL, this transaction not only further strengthens the company’s balance sheet but also marks another step towards significantly unlocking value in future, he added.
“This is a milestone acquisition which doubles the size of our Life Sciences business, is accretive to our 2020 earnings and sets us up as an essential, end-to-end, industry-leading data and analytics provider in the highly attractive Life Sciences ecosystem,” said Jerre Stead, Executive Chairman and CEO, Clarivate Analytics.
Piramal Enterprises Limited has its a presence in financial services, pharmaceuticals and healthcare insights & analytics. PEL’s consolidated revenues were $1.9 billion in FY2019, with around 40% of revenues generated from outside India.
- Overture buys into search analytics
- The Motley Fool offers insight on who is buying stocks, the house edge in gambling and a biotech
- Leap India raises Rs 200 crore from Piramal Cap
- VIETNAM BUSINESS NEWS HEADLINES OCTOBER 26
- VIETNAM BUSINESS NEWS HEADLINES OCTOBER 20
- VIETNAM BUSINESS NEWS HEADLINES OCTOBER 23
- VIETNAM BUSINESS NEWS OCTOBER 18
- VIETNAM BUSINESS NEWS HEADLINES OCTOBER 28
- VIETNAM BUSINESS NEWS HEADLINES OCTOBER 21
- Salesforce to Buy Demandware for a Cool $2.8 Billion
- BUSINESS NEWS 30/4
- Roku is buying ad tech company Dataxu in $150 million deal
- Did Hedge Funds Drop The Ball On Clarivate Analytics Plc (CCC)?
- CDPQ to bet big on Piramal’s $750-million fundraise plan
- Solving the APAC healthcare riddle with AI
- AI-enabled Cloud to transform millions of lives in India
- Here's Why Cisco Spent US$3.7 Billion to Buy AppDynamics
- SMB Toolkit: How Chatbots Can Transform Your Business
Clarivate buys Piramal's healthcare analytics business for $950 million have 463 words, post on economictimes.indiatimes.com at January 17, 2020. This is cached page on Auto News. If you want remove this page, please contact us.