In a significant development, digital healthcare company Pharmeasy on Friday announced that it will acquire a controlling stake in diagnostic chain Thyrocare for Rs 4,546 crore. 

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API Holdings, the parent of the unicorn Pharmeasy, and A Velumani, Chairman and Managing Director of Thyrocare Technologies, have signed a definitive agreement for the deal.  

Under the transaction, the Delhi-based company will buy 66.1 per cent stake in Thyrocare from Velumani and his affiliates at Rs 1,300 per share, said a statement from the company.  

Dr. A Velumani will be separately acquiring a minority non-controlling stake, of less than 5% in API as part of a series of equity investments by existing and new investors of API. 

“I am excited about this relationship, unique of its kind in Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with young and dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide,” said Velumani in a statement issued by Pharmeasy. 

The transaction, which is significant because an entrenched player is getting acquired by a startup, will also see a subsidiary of API making an open offer to acquire an additional 26 per cent stake in the listed Thyrocare, the statement said. 

Velumani will be separately acquire a minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.  

Shares of Thyrocare closed 6.23 per cent up at Rs 1,448.05 apiece on BSE on Friday.  

API Holdings Ltd (API), the parent co. of India’s Largest Digital Healthcare Brand, (PharmEasy), founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah. 

PharmEasy is claims to be India’s number one online pharmacy and diagnostics brand. "The company has a loyal base of 12mn+ consumers, network of 6,000+ digital consultation clinics and 90,000+ partner retailers across the country. It currently serves over 1mn patients for their pharmacy & diagnostics needs, conducts 300k+ consultations, and issues over 1mn digital prescriptions on a monthly basis," informed a media release from PharmEasy