Indegene acquires BioPharm for $104m to boost AI-driven pharma marketing

Indegene Limited is set to acquire BioPharm Parent Holding, Inc., including its subsidiaries BioPharm Communications LLC and Addressable Health LLC. The acquisition is intended to expand Indegene’s AI-driven marketing and AdTech capabilities for global pharma. The total purchase price is $104 million, plus adjustments for cash and working capital.

The payment structure includes a guaranteed $77 million (approximately 9.8x CY24 EBITDA on a trailing basis), comprising an upfront payment of $65 million at closing and a deferred payment of $12 million by March 2026. Additionally, there are two earn-out components: up to $8 million based on CY25 performance and up to $19 million based on CY26 performance. The acquisition will be funded entirely through internal accruals.

The acquisition strategically positions Indegene as a leader in the omnichannel and brand activation space. BioPharm brings expertise in hyper-targeted HCP engagement solutions, serving 17 of the top 25 global pharma companies and over 60 clients. In 2024, BioPharm reported gross revenue of $38.1 million and net revenue of $29.2 million. The combined entity is projected to achieve a total revenue of $373.8 million and EBITDA of $74.4 million, according to proforma financials. This integration aims to enhance Indegene’s data assets, enabling better insights and precision marketing, and expanding into emerging media channels.