IndusLaw advised pharma-tech startup Pharmarack Technologies when ABCD Technologies acquired a 91.8% stake in it for ₹1.1 billion (US$14.8 million).
Shareholders in Pharmarack Technologies included the venture capital fund IvyCap Ventures, which used its in-house legal team for the deal. Bathiya Legal advised ABCD Technologies. The deal was announced on 1 April and has since closed.
IndusLaw’s team comprised partner Nishant Singh, and associates Vardhit Singhania and Manushi Shah. Singh said the deal was “transformative” for India’s pharma industry.
ABCD Technologies, which is to change its name to IndoHealth Services, is a recently incorporated limited liability partnership between five large pharma companies – Sun Pharma, Cipla, Lupin, Torrent Pharma and Zydus Cadila.
Stock exchange filings say that the Pharmarack acquisition, which was done through DigiHealth Technologies, a subsidiary of ABCD Technologies, was made “with an objective to facilitate, enable and promote efficiency and good distribution practices”, including digitising healthcare infrastructure in India.
The remaining 8.2% stake in Pharmarack, which operates a digital platform aimed at integrating and solving problems across the pharmaceutical supply chain, is likely to be acquired in multiple tranches over the next five years by ABCD Technologies.