Piramal arm acquires Adaptive for potential payment of$24.5 million

NEW DELHI: A US-based subsidiary of Piramal Enterprises has acquired Adaptive Software for a total potential consideration of USD 24.5 million (over Rs 165 crore).

Decision Resources Group (DRG), the company's wholly-owned subsidiary has "announced the acquisition of all of the assets of Adaptive Software, LLC and entire control and ownership of its wholly owned subsidiary, AdaptiveRx LLC on February 29, 2016,(closing date)" Piramal Enterprises said in a filing to BSE.

An amount of USD 7.4 million consideration was paid on the closing date, it added.

Kansas-based Adaptive Software is eligible to receive up to an additional USD 11.1 million if and when it meets certain post-closing requirements, which must be satisfied within six months following the closing date, it said.

The software solutions company is also eligible to get additional payments of up to USD 6 million in aggregate based on the future performance of the business in 2016 and 2017.

"Total potential consideration to be paid to Adaptive (i.e., the sum of the preceding amounts) is USD 24.5 million", it said.

Adaptive offers a suite of software solutions such as pharmacy networking, pricing, and pharmacy benefit design to health plans and Pharmacy Benefit Managers (PBMs), it added.

With the acquisition, DRG will enter the healthcare payer ecosystem.

Shares of Piramal Enterprises were trading at Rs 889.25 per scrip in the afternoon trade on BSE, down 2.20 per cent from previous close.