Thyrocare Technologies Limited (hereinafter referred to as "Thyrocare" NSE: THYROCARE, BSE: 539871), a leading healthcare diagnostics company, has signed a Business Transfer Agreement with Vimta Labs Limited (hereinafter referred to as "Vimta Labs" NSE: VIMTALABS, BSE: 524394), for acquisition of the diagnostic and pathological services business of Vimta Labs.
Key highlights of the transaction:
- Thyrocare has signed a Business Transfer Agreement for purchase of the diagnostic and pathological services business of Vimta Labs.
- Vimta Labs through its diagnostic and pathological services business has recorded a revenue of INR 30 Crores during FY 2024 and INR 7 Crores in Q1 FY 2025.
- The closing of this transaction is subject to customary conditions precedent.
Strategic rationale of the business purchase:
- Over the years, Vimta Labs has built a strong strategic presence in and around Telangana region and enjoys significant customer loyalty. Thyrocare aims to leverage this established brand identity to enhance its own reach while maintaining the recognized brand of Vimta Labs.
- Thyrocare shall have access to 11 centres of Vimta Labs at the locations such as Telangana, Andhra Pradesh, Uttar Pradesh and Odisha. The central processing laboratory, which is also a NABL accredited laboratory, is situated in Hyderabad.
- By acquiring the diagnostic and pathological services business of Vimta Labs, Thyrocare aims at strengthening its presence in Southern region of India while enabling it to serve a larger customer base and provide high-quality, affordable diagnostic services.
"I am pleased to announce that we are acquiring the diagnostic and pathological services business of Vimta. This strategic move aligns with our growth objectives, allowing Thyrocare to expand its market share, solidify our leadership position in South India, and grow our business with franchisees and hospitals. Additionally, this expansion will enable Thyrocare to leverage the benefits of scale." - Mr. Rahul Guha, MD & CEO, Thyrocare Technologies Limited.
"I believe this is a mutually beneficial transaction for both Vimta and Thyrocare. Vimta is a leader in contract research and testing and this divestment will be a strong strategic step forward for the company in bringing greater focus on its core businesses and further enhance its operating efficiencies.
Both companies share a strong commitment to quality and exceptional customer service and therefore synergies between both brands can support expansion of diagnostics business for Thyrocare." - Ms. Harita Vasireddi, MD, Vimta Labs Limited.
Shares of Thyrocare Technologies Limited was last trading in BSE at Rs. 864.90 as compared to the previous close of Rs. 864.90. The total number of shares traded during the day was 33577 in over 2116 trades.
The stock hit an intraday high of Rs. 879.85 and intraday low of 840.55. The net turnover during the day was Rs. 28854791.00. |
