Mumbai, Jun 23 (IANS): Piramal Pharma has completed the acquisition of Hemmo Pharmaceuticals Private Ltd for cash consideration of Rs 775 crore and earn-outs linked to achievement of milestones.

In March, Piramal Enterprises, the parent company of Piramal Pharma, had announced the proposed acquisition.

"We wish to inform you that PPL has completed the acquisition of Hemmo on 22nd June, 2021 and the transaction is now closed," Piramal Enterprises said in a regulatory filing on Wednesday.

The development marks Piramal Pharma's foray into manufacturing of peptide APIs (active pharmaceutical ingredients), complementing its existing offerings.

Hemmo is one of the few pure-play synthetic peptide API manufacturers in the global marketplace. With the addition of Hemmo's capabilities, PPS would gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers globally.

Around 10.40 a.m., shares of Piramal Enterprises on the BSE were trading at Rs 2,454.90, higher by Rs 8.70 or 0.36 per cent from its previous close.