Torrent Pharma to acquire Curatio Healthcare for ₹2,000 crore
PremiumThe consideration includes ₹115 crores of cash and cash equivalents in the acquired business indicating an enterprise value of ₹1,885 crores.
New Delhi: Torrent Pharmaceuticals Limited has entered into definitive agreements to acquire 100% of Curatio Healthcare Private Limited for Rs. 2,000 crores. The consideration includes ₹115 crores of cash and cash equivalents in the acquired business indicating an enterprise value of ₹1,885 crore.
The transaction is subject to conditions precedent and is expected to close within one month, the company said.
“Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. Curatio’s portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked amongst top 5 brands in their covered market. Top ten brands of Curatio account for approx. 75% of total revenue. With this acquisition, Torrent Pharma will add a Field Force of 600 MRs and a distribution network of 900 stockists," the company said.
Curatio’s reported revenue for FY21-22 was ₹224 crores. With year-to-date August sales up 25%, Curatio is expected to cross ₹275 crores revenue in FY23. Dermatology accounts for 82% of Curatio’s revenue. Within dermatology, cosmetic dermatology is a leading contributor. Over the last decade, cosmetic dermatology as a therapy has delivered an 18% CAGR which is 1.6x of the IPM CAGR. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology space, read the statement.
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."
Sequoia, Chrys Capital and the promoters of Curatio said, “Over the last fifteen years, Curatio has built a strong portfolio of differentiated products in the derma segment that are very well received by doctors and patients. We believe Torrent is best suited to further catapult the business which we have built."
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