• Secondary share sale of €340 million to a group of new investors, including TPG and Hedosophia, recognises employee contribution to Vinted becoming a leader in Europe.
• The transaction values Vinted at €5 billion and brings in new investors for the next phase of growth.
• In 2023, Vinted delivered 61% revenue growth and reached profitability, while investing for the future.

LONDON, Oct. 24, 2024 /PRNewswire/ — Vinted, Europe’s leading second-hand C2C marketplace focused on fashion, has closed a secondary share sale of €340 million at a valuation of €5 billion. 

The transaction, led by TPG (NASDAQ: TPG), a leading global alternative asset manager, validates Vinted’s opportunity and progress in developing and growing the second-hand market globally. It also diversifies the company’s investor base with new expertise and rewards its employees and early investors for their contributions to Vinted’s success. 

TPG Tech Adjacencies (TTAD), TPG’s strategy dedicated to providing flexible capital solutions to the technology industry, is funding the investment. Other major investment funds including Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures also participated. All of Vinted’s existing institutional investors remain invested in the company.

In 2021, at the time of Vinted’s last fundraising round, the company had a pre-money valuation of €3.5 billion. Since then, Vinted has increased its gross merchandise value (GMV) by more than 3.5x and has become fully profitable. In 2023, the company delivered revenue growth of 61% and had a double-digit EBITDA margin.* Vinted has become the European leader in its field, encouraging people to adopt new consumption habits and today, more than a third (37%) of Vinted members say that second-hand makes up at least half of their wardrobe.**

This growth has been enabled by Vinted’s rigorous focus on ensuring its members get excellent value at the lowest possible cost. In the last year alone, Vinted marketplace expanded in existing markets, and launched into new markets including Finland, Greece and Croatia. The company also launched a new verification service to help members trade designer and luxury fashion items more safely. This feature is now live in 10 countries. 

In recent weeks, Vinted has begun the roll-out of a new category for electronics. And in parallel, the company has successfully expanded its shipping business in the Netherlands, Belgium, and France. Vinted’s payments business has acquired an EMI license and is working on solutions to improve how members transact on Vinted. 

Thomas Plantenga, CEO of Vinted, said: “We’re delighted to welcome new investors with the experience to support us through our next phase of growth, while continuing to benefit from the expertise of our long-term backers. TPG and our other new investors share our vision: to make second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success. 

We are incredibly proud to have built a product that our members love to use, and that has created a market for second-hand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.” 

Andy Doyle, Partner at TPG, said: “We’ve seen that consumers are increasingly choosing second-hand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people. Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population. We are excited to partner with Thomas and his team of world-class operators and to count Vinted among our growing portfolio of leading European tech businesses.”

Morgan Stanley & Co. International plc served as financial advisor and placement agent for the transaction. Taylor Wessing and Cooley provided legal advice to Vinted. 

*April 29, 2024 (Vinted delivers strong year of growth and reaches profitability, while investing for the future )

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** According to Vinted’s Impact Report, released in June 2024

About Vinted

Vinted Marketplace is Europe’s leading international online C2C marketplace dedicated to second-hand fashion and more. With a mission to make second-hand the first choice worldwide, Vinted enables people to sell and buy second-hand clothes and lifestyle items from each other, helping give those items a second or even third life. 

Vinted was founded in 2008 in Lithuania and in 2019 became the country’s first Unicorn.

Today Vinted is still headquartered in Vilnius, with offices in Lithuania, Germany and the Netherlands, and over 2,000 employees. Its backers include Accel, EQT Growth, Insight Partners, Lightspeed Venture Partners and Sprints. 

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

View original content:https://www.prnewswire.co.uk/news-releases/vinted-secures-tpg-led-secondary-investment-at-valuation-of-5b-reflecting-profitable-growth-302284957.html

MUMBAI, India, Oct. 23, 2024 /PRNewswire/ — Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals and wellness company, today announced its standalone and consolidated results for the Second Quarter (Q2) and Half Year (H1) ended 30^th September 2024.

Consolidated Financial Highlights
(in ₹ Cr. or as stated)
Particulars	Q2FY25	Q2FY24	YoY Growth	H1FY25	H1FY24 Advertisement	YoY Growth
Revenue from Operations	2,242	1,911	17 %	4,193	3,660	15 %
CDMO	1,324 Advertisement	1,068	24 %	2,381	1,967	21 %
CHG	643	589	9 %	1,274 Advertisement	1,206	6 %
ICH	277	256	8 %	541	495	9 %
EBITDA Advertisement	403	315	28 %	627	485	29 %
EBITDA Margin	18 %	16 %	– Advertisement	15 %	13 %	–
Share of Net Profit of Associates	17	19	(10) %	40	33	18 % Advertisement
PAT	23	5	350 %	(66)	(94)	NM
PAT Margin	1 %	0 % Advertisement	–	(2) %	(3) %	–

Key Highlights for Q2FY25 

• Revenue from Operations grew by 17% YoY, primarily driven by robust growth in CDMO business
• EBITDA grew by 28% YoY with EBITDA margin of 18%, a YoY improvement of about 150bps, driven by operating leverage, cost optimization initiatives and superior revenue mix
• Released our FY2024 Sustainability Report. The report follows GRI standards and is aligned with SASSB and UNGC frameworks. It also highlights our commitment to reduce our GHG¹ emissions in-line with SBTi’s² 1.5^o decarbonization pathway

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We continue our momentum of delivering healthy revenue growth accompanied by YoY EBITDA margin expansion. This has been primarily driven by consistent growth in our CDMO business which has witnessed a good pick-up in innovation related work and on-patent commercial revenues. To sustain this growth momentum and to capitalize on rising demand for sterile fill-finish capabilities, we have announced a US$80Mn expansion plan at our Lexington facility which is expected to get complete by end FY27. In our CHG business, we are witnessing steady volume growth in Inhalation Anesthesia products in the US and Emerging Markets. In our ICH business, we continue to see a robust growth in our power brands and e-commerce sales.

During the quarter, we released our Sustainability Report for FY24 under the theme, ‘Building Resilience for a Sustainable Tomorrow’, highlighting our progress on the sustainability initiatives.

Over the long term, we remain committed to achieving our financial goals of US$2 bn revenue with 25% EBITDA margin and 1x net debt / EBITDA by FY30.”

1. Green House Gas; 2. Science Based Target initiative

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Key Business Highlights for Q2 and H1 FY25

Contract Development and Manufacturing Organization (CDMO): –  Market outlook – Biotech funding improved over previous years but remains uneven across months. Regulatory changes and supply chain diversification driving increase in customer enquiries and visits, but decision making by customers remains delayed –  Targeted Business Development efforts resulting in steady inflow of new orders –  YoY improvement in demand in our generic API business –  Operating leverage and cost optimization initiatives yielding continued YoY improvement in EBITDA margins –  Maintained our quality track record with receipt of EIR for our PPDS facility (India) with Zero Form – 483 observations and NAI designation –  Customer led US$80Mn expansion planed in Lexington to more than double our capacity to capture rising demand for Sterile Fill-Finish capabilities        Complex Hospital Generics (CHG): Advertisement –  Good volume growth in inhalation anesthesia portfolio in the US and emerging markets –  Capacity expansion at Dahej and Digwal underway to capture growth opportunity in the RoW markets –  Investing in portfolio expansion – Building portfolio of Differentiated and Specialty products to drive long term profitable growth –  Working on multiple cost optimization and productivity enhancement initiatives in the areas of sourcing, manufacturing, distribution, and operational excellence to maintain our healthy  EBITDA margin in this business        India Consumer Healthcare (ICH): –  Added 9 new products and 13 new SKUs to our portfolio during H1FY25 –  Continue to invest in media and trade spends to drive growth in Power Brands. Power Brands grew by 18% YoY in Q2 and H1 FY25 and contributed to 48% of ICH sales –  Growth in i-range adversely impacted due to regulator mandated price reductions –  E-commerce grew by over 30% YoY in Q2 and H1 FY25. Focus on improving the profitability of this channel through pricing, mix and investment optimization Advertisement –  Plan to widen our reach – Transition from a Pharmacy-dominant to an Omni-channel consumer healthcare company. Establish winning NPDs from online channel to offline, with general trade and modern trade ready SKUs

Consolidated Profit and Loss Statement
(in ₹ Cr. or as stated)
Particulars	Quarterly					Half Yearly
	Q2FY25	Q2FY24 Advertisement	YoY  Change	Q1FY25	QoQ  Change	H1FY25	H1FY24	YoY  Change
Revenue from Operations	2,242	1,911	17 % Advertisement	1,951	15 %	4,193	3,660	15 %
Other Income	61	49	24 %	20 Advertisement	213 %	81	88	(8) %
Total Income	2,303	1,961	17 %	1,971	17 % Advertisement	4,274	3,748	14 %
Material Cost	796	638	25 %	674	18 %	1,471 Advertisement	1,264	16 %
Employee Expenses	560	516	8 %	580	(3) %	1,139	1,012 Advertisement	13 %
Other Expenses	544	492	11 %	493	10 %	1,037	986	5 % Advertisement
EBITDA	403	315	28 %	224	80 %	627	485	29 %
Interest Expenses Advertisement	108	110	(2) %	107	1 %	215	228	(6) %
Depreciation	192 Advertisement	185	4 %	185	4 %	377	358	5 %
Share of Net Profit of Associates	17	19 Advertisement	(10) %	22	(23) %	40	33	18 %
Profit Before Tax	120	40	204 % Advertisement	(45)	NM	75	(68)	NM
Tax	98	35	182 %	44 Advertisement	124 %	141	26	442 %
Net Profit after Tax	23	5	350 %	(89)	NM Advertisement	(66)	(94)	NM
Exceptional item	–	–	–	–	–	– Advertisement	–	–
Net Profit after Tax after Exceptional Item	23	5	350 %	(89)	NM	(66)	(94) Advertisement	NM

Consolidated Balance Sheet
(in ₹ Cr. or as stated)
Key Balance Sheet Items	As at
	30-Sep-24	31-Mar-24
Total Equity	7,907 Advertisement	7,911
Net Debt	4,235	3,932
Total	12,143	11,843
Net Fixed Assets	9,096	9,106 Advertisement
Tangible Assets	4,298	4,250
Intangible Assets including goodwill	3,669	3,740
CWIP (including IAUD*)	1,130	1,116
Net Working Capital Advertisement	2,651	2,339
Other Assets#	396	398
Total Assets	12,143	11,843
*IAUD – Intangible Assets Under Development; # Other Assets include Investments and Deferred Tax Assets (Net)

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Q2FY25/H1FY25 Earnings Conference Call

Piramal Pharma Limited will be hosting a conference call for investors / analysts on 24^th October 2024 from 5:00 PM to 5:45 PM (IST) to discuss its Q2 and H1 FY25 Results.

The dial-in details for the call are as under:

Event	Location & Time	Telephone Number
Conference call on 24th October, 2024	India – 05:00 PM IST	+91 22 6280 1461 / +91 22 7115 8320 (Primary Number)
		1 800 120 1221 (Toll free number) Advertisement
	USA – 07:30 AM (Eastern Time – New York)	Toll free number 18667462133
	UK – 12:30 PM (London Time)	Toll free number 08081011573
	Singapore – 07:30 PM (Singapore Time) Advertisement	Toll free number 8001012045
	Hong Kong – 07:30 PM (Hong Kong Time)	Toll free number 800964448
Express Join with Diamond Pass™	Please use this link for prior registration to reduce wait time at the time of joining the call – Click Here

About Piramal Pharma Limited:

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Piramal Pharma Limited (PPL, NSE: PPLPHARMA I BSE: 543635), offers a portfolio of differentiated products and services through its 17* global development and manufacturing facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing organization; Piramal Critical Care (PCC), a complex hospital generics business; and the India Consumer Healthcare business, selling over-the-counter consumer and wellness products. In addition, one of PPL’s associate companies, Abbvie Therapeutics India Private Limited, a joint venture between Abbvie and PPL, has emerged as one of the market leaders in the ophthalmology therapy area in the Indian pharma market. Further, PPL has a strategic minority investment in Yapan Bio Private Limited, that operates in the biologics / bio-therapeutics and vaccine segments. In October 2020, PPL received a 20% strategic growth investment from the Carlyle Group.

For more information, visit:  Piramal Pharma | LinkedIn

* Includes one facility via PPL’s minority investment in Yapan Bio

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JERICHO, N.Y., Oct. 23, 2024 /PRNewswire/ — Global consulting firm J.S. Held, proudly celebrating 50 transformative years, joins Ocean Tomo in welcoming David Kennedy and Larry Tedesco to the intellectual property (IP) practice. 

David Kennedy, CPA, is an expert in intellectual property valuation and negotiating the economics of patent sales and licensing agreements. He has been acknowledged as one of the World’s Leading IP Strategists by Intellectual Asset Management (IAM) for each of the last 11 years.

Mr. Kennedy has bought and sold patent portfolios, negotiated license agreements in commercial transactions, and helped clients establish royalty rates for individual patents and large portfolios of implementation and standard essential patents. Additionally, he has provided forensic consulting services in litigation matters and has testified as an expert witness in numerous matters involving patents, copyrights, and trade secrets covering a wide variety of technologies and technical benefits. Mr. Kennedy has testified as a patent licensing and reasonable royalty expert in ICC International Arbitration proceedings and federal courts – including opining on royalty rates for standard essential patents, implementation patents, and US and worldwide portfolio rates.

His intellectual property experience includes:

• 35 years as a CPA, auditor, and accounting consultant for corporations, financial institutions, government agencies, and law firms performing audits, litigation support, IP and asset valuation, IP management, and forensic accounting services
• Serving as the primary negotiator or advisor in over 200 IP-related negotiations as both an owner of IP or on behalf of companies, universities, and inventors, including patent sales, license agreements, and cross-license agreements
• Review and analysis of thousands of patent license agreements to determine effective royalty rates and evaluate specific aspects of the license negotiation process to determine comparable licenses for litigation and negotiation purposes

Mr. Kennedy’s professional experience started over 35 years ago as a CPA for Coopers & Lybrand (now PWC). His experience includes investing in and raising venture capital for intellectual property-based companies and negotiating the economics of patent sales. He has also purchased patent portfolios and implemented licensing programs as an owner and manager of the patents and on behalf of investor groups, inventors, and corporations, including the determination of appropriate royalty rates in the marketplace.

Larry Tedesco, CVA, CLP, MAFF, is an intellectual property valuation, licensing, and damages expert. He is acknowledged as one of the World’s Leading IP Strategists and Patent Professionals by Intellectual Asset Management (IAM). Mr. Tedesco has spent a large portion of his career developing, managing, valuing, and licensing intellectual property as both an operator and a consultant. He has provided multiple levels of damages evaluations for both plaintiffs and defendants in a wide range of IP disputes. He is a Certified Valuation Analyst (CVA), a Certified Licensing Professional (CLP), and a Master Analyst in Financial Forensics (MAFF).

Mr. Tedesco has provided forensic and expert consulting services in litigation matters regarding patent royalty structures and modeling, lost profits, reasonable royalties, unjust enrichment, trade secrets, and other forms of economic damages related to complex commercial litigation, IP licensing, and valuation. Mr. Tedesco has reviewed and analyzed thousands of license agreements.  He has determined FRAND royalty rates for Standard Essential Patents in a variety of technologies including wireless telecommunications, Wi-Fi, and audio/video.

His experience includes:

• More than 20 years of IP development, valuation, monetization, and enforcement
• Negotiating over 200 IP transactions
• Review and analysis of thousands of license agreements
• Damages evaluation, including lost profits, reasonable royalty, unjust enrichment, and other forms of economic damages
• Assisting clients with the determination of FRAND/RAND royalty rates for standard essential patents.

As an operator, Mr. Tedesco has significant experience monetizing intellectual property in a wide variety of industries, including telecommunications, medical devices, software development, electronics, manufacturing, and augmented reality. He has held senior-level management positions where he obtained extensive experience developing patent assets in addition to designing and implementing IP licensing programs. Mr. Tedesco has negotiated more than 200 IP transactions and managed the licensing program to an industry-leading essential Ethernet patent portfolio.

These two stalwart experts join a multidisciplinary team of multidimensional experts – accountants, financiers, scientists, lawyers, and engineers. Together, the team provides a leading array of financial and technical services related to intangible assets. Built upon more than three decades of experience valuing IP in the most rigorous of venues: state, federal, and international courts, Ocean Tomo financial, market, and technical experts, with an understanding of the contributory value of patented inventions, know-how, brands, and copyrights that permeate every business.

“We have known and worked with David and Larry for decades. We are grateful to have them now as part of the Ocean Tomo team, enhancing our scope of experience and ability to provide a full-service solution on IP matters,” shared Ocean Tomo co-founder and Senior Managing Director James E. Malackowski, CPA, CLP.

Ocean Tomo financial testimony professionals have industry-leading experience across all types of disputes and are particularly skilled in the determination of damages in matters involving IP. The firm’s IP experts have decades of litigation analysis experience, benefiting clients when they evaluate complex financial data, qualitative facts, supporting testimony, and damages-related case law. Ocean Tomo experts are routinely qualified in U.S. District Courts, U.S. Bankruptcy Courts, U.S. Tax Court, U.S. Court of Federal Claims, state courts, the U.S. Patent and Trademark Office Patent Trial and Appeal Board, international courts, and arbitration tribunals on questions relating to IP economics. Ocean Tomo experts are known for a “teaching” – as opposed to “telling” – approach of testimony. Rather than only providing a judge or jury with an opinion, experts communicate the key facts and relevant theories in a clear and logical manner.

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The Ocean Tomo team specializes in understanding and leveraging intellectual property with offerings that include financial expert testimony, IP valuation, strategy consulting, business intelligence, technical support, investment advisory, innovation management consulting, and transaction brokerage.

As a part of J.S. Held, Ocean Tomo works alongside more than 1,500 professionals globally and assists clients – corporations, law firms, insurers, governments, and institutional investors – on complex technical, scientific, and financial matters across all assets and value at risk.

David Kennedy and Larry Tedesco are now part of the dedicated and entrepreneurial experts who help transform J.S. Held. Explore our story, and celebrate this momentous milestone, our 50 & Forward celebration, with us at jsheld.com.

About J.S. Held

J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.

More than 1,500 professionals serve organizations across six continents, including 81% of the Global 200 Law Firms, 70% of the Forbes Top 20 Insurance Companies (85% of the NAIC top 50 Property & Casualty Insurers), and 65% of the Fortune 100 Companies.

About Ocean Tomo

Ocean Tomo, a part of J.S. Held, provides Expert Opinion, Management Consulting, Advisory, and Specialty Services focused on matters involving intellectual property (IP) and other intangible assets. Practice offerings address economic damage calculations and testimony; business licensing strategy and contract interpretation; patent-focused business intelligence; portfolio development strategy; litigation support; trade secret reasonable measures; asset and business valuation; strategy and risk management consulting; merger and acquisition advisory; debt and equity private placement; and IP brokerage.

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held, its affiliates and subsidiaries are not law firms and do not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB, a part of J.S. Held, member FINRA/ SIPC or Ocean Tomo Investment Group, LLC, a part of J.S. Held, member FINRA/ SIPC. All rights reserved.

Media Contact

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Kristi L. Stathis, J.S. Held, +1 786 833 4864, [email protected], JSHeld.com

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View original content:https://www.prnewswire.co.uk/news-releases/two-leading-patent-professionals–intellectual-property-strategists-join-ocean-tomo-a-part-of-js-held-302284610.html