Piramal Enterprises Ltd to sell its healthcare analytics unit Decision Resources Group to US-based Clarivate Analytics Plc for $950 million. The company will get $900 million at the time of closing the deal and the remaining $50 million after one year, it said in a statement. The deal is likely to be completed on or before February 28,2020, Piramal said, as per a media report.
The billionaire Ajay Piramal-led had acquired Decision Resources Group in 2012. It said that it had initially invested $650 million to acquire DRG. Of this, $260 million was infused as equity. The company has realised 2.3 times its initial equity investment in rupee terms.
This was the biggest-ever acquisition then by Piramal Healthcare, which was diversifying into businesses beyond pharmaceuticals.
Ajay Piramal, chairman at Piramal Group, said 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 the future.
DRG, the high-value data, analytics and insights business of the Piramal Group, specialises in enabling the world’s leading pharma, biotech and medical technology companies to achieve commercial success in complex health markets with the creation of effective patient-centric commercial strategies
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