Torrent Pharmaceuticals has entered into definitive agreements to acquire 100% of Curatio Healthcare (Curatio) for Rs 2,000 crore.
The consideration includes Rs 115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an enterprise value of Rs 1,885 crore.The acquisition offers the pharma company the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit. The company will add a field force of 600 medical representatives and a distribution network of 900 stockists.
Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. The company recorded a turnover of 224 crore in the financial year ended 30 March 2022.
The company said that the transaction is subject to conditions precedent and is expected to close within one month's time.
Aman Mehta, Director said, We are delighted to enter into this deal with Curatio. The acquisition offers Torrent the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit. Curatio has built a commendable set of high market share brands in cosmetic and pediatric dermatology that we look forward to adding to our product offerings.
Torrent Pharma, with annual revenues of more than Rs 8,500 crore, is the flagship company of the Torrent Group. It is ranked 8th in the Indian pharmaceuticals market and is amongst the top 5 in the therapeutics segments of Cardiovascular (CV), Gastro Intestinal (GI),Central Nervous System (CNS), and Vitamins Minerals Nutritionals (VMN).
The pharma giant's consolidated net profit rose 7% to Rs 354 crore on 10% increase in net revenue from operations to Rs 2,347 crore in Q1 FY23 over Q1 FY22.
Shares of Torrent Pharma declined 3.32% to currently trade at Rs 1482.70.
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