Piramal Healthcare Ltd., an innovation led company, has agreed to acquire the US-based Decision Resources Group or DRG for a consideration of around $635 million or Rs.3,400 crore.
DGR is focused on three market segments : (1) the Bipoharma business unit provides reports, databases and advisory services on drug utilization trends and forecasting in a variety of therapeutic area. (2) the Market Access business provides database and analytical services that healthcare companies use to assess the current and future opportunity of their products' acceptance into a market, and (3) the Medical Technology business provides actionable insights and data on the medical device markets.
The three market segments that DRG covers are worth around $2.5 billion, leaving considerable room for DRG to continue to grow its revenues.
Commenting on the acquisition, Chairman Ajay Piramal said, "The global healthcare industry is facing several challenges including rising research costs, lower drug approval rates, mounting regulatory pressures and increasingly complex reimbursement models. The need for specialist information is critical and the demand is growing DRG's portfolio of products is widely regarded as the gold standard of information. We will leverage our longstanding reputation and relationships with global pharma companies, our knowledge of emerging markets as well s our track record of successful acquisitions as we continue to grow further DRG's leadership position in the healthcare information and analytics industry.
He added, "We are very please to add the expertise of a world-class management team with deep understanding of this sector and nearly 300 analysts with a strong track record in their field.
DRG Chief Executive Officer Peter Hoenigsberg commented, "This is an excellent opportunity for our business, customers and employees. My team and I are excited to be part of the Piramal Group and are confident that its expertise in acquiring, integrating and growing businesses will support our continued growth."
Following the completion of the DRG acquisition, Piramal will operate DGR as a stand-alone business. DRG will remain headquartered in Burlington, Massachusetts. The company will continue to be led by Hoenigsberg and the exciting senior management team. The transaction is expected to close by next month-end, subject to customary regulatory approvals and closing conditions.
DGR provides high quality, web-enabled research, predictive analytics via proprietary databases and consulting services to the global healthcare industry.
At the BSE, Piramal Healthcare shares are currently trading at Rs.427.70, down 0.93 percent from the previous close.
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