Corporate Structure

IN FY2011


Unlocked significant value by exiting Domestic Formulations.

At the time of acquisition, Nicholas Laboratories was ranked 48th among the pharmaceutical companies in India. From FY1988-FY2010, the Company entered into a series of value accretive M&As, JVs and alliances, and derived synergies by bringing efficiencies in distribution and cost reduction. Through various organic and inorganic initiatives, it transformed to become 3rd largest pharma company of India. During the period, the revenue and net profits grew at a CAGR of 28% and 34%, respectively.

During FY2011, the Company sold its Domestic Formulations business to Abbott for a total consideration of US$ 3.8 billion. At 9x FY2010 Sales and 30x FY2010 EBITDA, the transaction established a new benchmark for valuation in global pharmaceutical space

Piramal Healthcare

Pharma Solutions

₹1,021 Crores

Critical Care

₹388 Crores

Domestic Formulations

₹2,000 Crores1


₹196 Crores

India NCE

R&D based out of

Diagnostic Services

₹206 Crores1

Note: 1. Revenue for Domestic Formulations and Diagnostic Services have been taken for FY2010

Continued Businesses
Exited Businesses

Remaining healthcare businesses contributed 40% of revenues in FY2010

Sold Domestic Formulations business for $ 3.8 billion (@ 30x EBITDA and 9x Sales) to Abbott

Sold Diagnostic Services business for ₹600 Crores to Super Religare Labs


₹8,712 Crores

Market Capitalisation as on March 31, 2011

₹3,391 Crores

Capital Returned till March 31, 2011

₹12,103 Crores

Total value created till March 31, 2011