BENGALURU:
Torrent Pharmaceuticals said on Tuesday it will acquire Curatio Healthcare for Rs 2,000 crore to bolster its presence in the dermatology segment.
The company has entered into definitive agreements to acquire 100 percent of Curatio Healthcare for Rs 2,000 crore, Torrent Pharmaceuticals said in a regulatory filing.
“The consideration includes Rs 115 crore (at the date of signing) of cash and cash equivalents in the acquired company, indicating an enterprise value of Rs 1,885 crore,” it added.
The acquisition offers Torrent the opportunity to strengthen its presence in dermatology with a differentiated portfolio and is a strong strategic fit, said Torrent Pharmaceuticals Director Aman Mehta.
“Curatio has built a commendable line of high market share brands in cosmetic and pediatric dermatology that we are excited to add to our product offering,” he added.
Curatio, headquartered in Chennai, has a portfolio of more than 50 brands, including Tedibar, Atogla, Spoo, B4 Nappi and Permite, in the cosmetic dermatology segment in India. The top ten brands account for about 75 percent of total sales.
It posted sales of Rs 224 crore in FY22 and dermatology accounts for 82 percent of Curatio’s revenue, the filing said.
The acquisition will catapult Torrent Pharma into the top 10 players in the dermatology segment and make it a leader in cosmetic dermatology, the company said.
“With this acquisition, Torrent Pharma will add a field force of 600 medical representatives and a distribution network of 900 dealers,” the filing added.
In addition to Curatio’s promoters, Sequoia and ChrysCapital will leave the company as a result of the transaction.
The transaction is subject to closing conditions and is expected to close within a month, Torrent Pharma said.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)