Piramal Sells Off Its Healthcare Insights Firm DRG For $950 Million
Piramal Enterprises Limited today announced that it has signed a definitive agreement for the sale of DRG to Clarivate Analytics plc, a global leader in providing trusted insights and analytics, for $950 Million. Piramal Group, led by Ajay Piramal, is one of India’s leading business conglomerates with a global footprint. With operations in 30 countries and brand presence in over 100 countries, the Group’s turnover was $2.2 billion in FY2019. Clarivate Analytics is a global leader in providing trusted insights and analytics to accelerate the pace of innovation. Today, Clarivate Analytics is on a bold entrepreneurial mission to help customers reduce the time from new ideas to life-changing innovations. Piramal’s PEL DRG Dutch HoldCo BV, a 100% subsidiary of PEL and the holding company for Decision Resources Group (DRG) engaged in healthcare insights & analytics business, will be owned by Clarivate Analytics post transaction (includes $900 million on closing and $50 million to be received at the end of 12 months from the date of closing). This transaction is subject to shareholder approval and is expected to be completed by the end of February 2020. “We are pleased to have grown DRG’s market leadership over the last few years and believe that through this combination, Clarivate, with its size and scale, is well-positioned to further accelerate DRG’s growth potential. ”  Ajay Piramal, Chairman, Piramal Group This transaction demonstrates Piramal’s continued commitment to creating sustained long term value for all stakeholders. 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. DRG helps clients propel commercial success with evidence-based business decisions by delivering expert consultation, data, and analysis enhanced by machine learning artificial intelligence (AI). With collaborative experts spanning healthcare markets, disease areas, and data science disciplines, DRG clients have unprecedented access to the expertise, data, and AI-technology solutions they require to anticipate customer needs and generate new solutions to healthcare challenges. “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 in their official press release.
Piramal Enterprises Limited today announced that it has signed a definitive agreement for the sale of DRG to Clarivate Analytics plc, a global leader in providing trusted insights and analytics, for $950 Million. Piramal Group, led by Ajay Piramal, is one of India’s leading business conglomerates with a global footprint. With operations in 30 countries […]
For the sale of DRG to Clarivate Analytics plc, a global leader in providing trusted insights and analytics, for $950 Million.
["Mergers and Acquisitions"]
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["AI", "artificial intelligence", "machine learning", "data science", "analytics", "R", "Go", "Rust", "API", "innovation"]
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