Piramal Pharma has completed the acquisition of an additional 40.67% stake in Yapan Bio Private Limited for ₹76 crore, raising its total shareholding in the contract development and manufacturing organization (CDMO) to 74%. The transaction, which involved the purchase of 1,46,400 equity shares of ₹10 each, changes Yapan Bio's status from an associate company to a subsidiary.

Acquisition details

The following table summarises the key parameters of the transaction:

The acquisition was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on August 18, 2026. It follows a previous communication dated August 10, 2026, regarding the exercise of a call option for the additional equity stake.

Yapan Bio financials and operations

Yapan Bio, incorporated on October 11, 2019, specializes in process development, characterization, and Phase I/II GMP manufacturing services for vaccines and biologics. The company’s revenue from operations showed significant growth followed by a contraction in the most recent fiscal year:

• FY24: ₹26.91 crore
• FY25: ₹54.40 crore
• FY26: ₹26.34 crore

With this acquisition, Piramal Pharma will fully embed Yapan Bio's advanced large molecule capabilities into its integrated service offering. This move is expected to enable the company to develop and scale complex biologic therapies with greater efficiency. The promoter group of Piramal Pharma is deemed to be indirectly interested in Yapan Bio through the company's investment.

Deutsche Bank AG has released a pledge over 98,400,000 equity shares of Piramal Pharma , representing 7.39% of the company’s total issued and paid-up share capital on a fully diluted basis. The release, effective August 13, 2026, was made by Deutsche Bank AG, Mumbai Branch, acting as the onshore security agent for lenders to CA Alchemy Investments.

The encumbrance release aligns with a ‘Permitted Sale Transaction’ proposed by the borrower under clause 23.7(c) of the facility agreement dated February 22, 2024. Prior to this transaction, Deutsche Bank held a pledge over 238,663,700 shares, which constituted 17.93% of the issued capital and 18.01% of the total voting capital.

Pledge Status Post-Release

Following the release of the 98,400,000 shares, the onshore security agent continues to hold a pledge over 140,263,700 equity shares. This remaining block represents 10.54% of the issued and paid-up share capital (on a fully diluted basis) and 10.59% of the total voting capital of Piramal Pharma Limited.

The disclosure was filed under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Under these regulations, the release of an encumbrance by the onshore security agent is treated as a disposal.

Lender Structure and Security Interest

CA Alchemy Investments holds the entire block of 238,663,700 shares in Piramal Pharma. While the onshore pledge has been partially reduced, Deutsche Bank AG, Singapore Branch, acting as the offshore security agent, continues to hold a security interest over all shares of the borrower held by its shareholders. This interest was created pursuant to a deed of fixed and floating charge dated March 11, 2024.

Deutsche Bank clarified that it does not hold any beneficial interest in the pledged shares. The bank acts solely in its capacity as a pledgee for the lenders, which include Barclays Bank PLC, Deutsche Bank AG, London Branch, and Nomura Singapore Limited. DBX Advisors LLC holds a nominal stake of 1,317 equity shares, aggregating to approximately 0.00% of the target company’s shareholding.