BackPiramal Enterprises’ unit buys Adaptive Software in the US
The acquisition offers DRG, a Piramal Enterprises' unit, direct entry into the healthcare payer ecosystem, which expands it's addressable market opportunity in the US
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Mumbai: Ajay Piramal-controlled Piramal Enterprises Ltd’s step-down wholly-owned subsidiary in the US, Decision Resources Group (DRG), has acquired 100% of Adaptive Software Llc for $24.5 million.
The Adaptive acquisition offers DRG a direct entry into the healthcare payer ecosystem, which expands DRG’s addressable market opportunity.
In its filing to stock exchanges, Piramal Enterprises said its unit has now entire control and ownership of Adaptive Software’s wholly-owned subsidiary Adaptive Rx Llc.
Piramal has already paid $7.4 million as the first tranche, while Adaptive is eligible to receive up to an additional $11.1 million if and when it meets certain post-closing requirements, which must be satisfied within six months.
Further, Adaptive is eligible to receive additional payments up to $6 million in aggregate based on the future performance of the Adaptive business in calendar years 2016 and 2017.
“If earned, a payment attributable to Adaptive’s performance in each such calendar year will be paid within approximately six months following the end of the calendar year," it said.
The total potential consideration to be paid to Adaptive is $24.5 million.
Adaptive Software sells a suite of software products to US-based pharmacy benefit managers and health insurers, both of which must maintain complex pharmacy benefit design data accurately and in real time (for example, drug lists, formularies, restriction and pricing).
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