Shares of Piramal Enterprises rose 4 percent intraday to Rs 2,553.55 on December 21 after its arm acquired 27.8% stake in Yapan Bio.

“Piramal Pharma, subsidiary of Piramal Enterprises, has entered into agreements and acquired 27.78 percent stake in Yapan Bio Private for an investment of Rs 101.77 crore (cash consideration),” the company said in its release.

Yapan is a contract process development and manufacturing organization (CDMO) in Hyderabad, providing process development, scale-up and compliant GMP manufacturing of vaccines and biologics/bio-therapeutics for human clinical trials across the world.

The expertise found at Yapan will help Piramal provide existing customers with wider capabilities for developing and manufacturing large molecules,” said Nandini Piramal, Chairperson, Piramal Pharma.

Capabilities at Yapan include development and GMP facilities for high containment product classes (up to BSL2+). Yapan’s turnover during FY21 was Rs 12.4 crore.