Aknamed acquires Vardhman Health Specialties for $ 35M

Hospital-focused supply chain platform Aknamed on Wednesday said it has acquired Vardhman Health Specialties (VHS) for $ 35 million (over Rs 250 crore).

The transaction enables Aknamed to further promote excellence in the delivery of healthcare essentials, with an enhanced pan-India footprint with leadership in therapeutic areas such as oncology, immunotherapy and virology, Aknamed said in a statement.

The acquisition is for $ 35 million, it added.

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"We are delighted to welcome Vardhman as part of the Aknamed Group...Our vision and goal have resonated very well with the Vardhman team as their business has been built on similar values over the years," Aknamed Founder and CEO Saurabh Pandey said.

Vardhman CEO Naresh Chowhan said, "This partnership underlines the growing importance of consolidation in the pharma supply chain industry in India. It opens up significantly larger opportunities, apart from the synergies derived from the combined businesses of Vardhman and Aknamed".

The combined teams of Aknamed and Vardhman are aiming to work towards building a robust hospital focused supply chain in India through the use of technology, data, high-quality infrastructure and scale, delivering value to hospitals, OEM partners and employees, the statement said.

"I am excited about the combination of Aknamed and Vardhman as it will solve a significant number of procurement challenges, and will broaden the horizon of healthcare supply chain in India," Aknamed Co-founder and Chairman Mahadevan Narayanamoni said.

In March 2021, Vardhman Health Specialities (VHS) announced that it will enter adult immunisation by investing Rs 100 crore over the next year on technology, warehouse infrastructure and research, said the company.

VHS earned Rs 500 crore as revenue in FY21 and it plans to double it to over Rs 1,000 crore in the next three years at least, with the adult immunisation division contributing a significant 30 per cent of this.

(Disclaimer: Additional background information has been added to this PTI copy for context)