Torrent Pharmaceuticals Ltd said Tuesday it has entered into definitive agreements to acquire 100% of Curatio Healthcare (I) Private Limited for Rs 2,000 crore ($245 million).
The consideration includes Rs 115 crore of Curatio’s cash and cash equivalent, indicating an enterprise value of Rs 1,885 crore, Mumbai-listed Torrent Pharma said in a stock-exchange filing.
Curatio, which counts venture capital and growth equity investor Sequoia Capital and private equity firm ChrysCapital as its shareholders, has a strong presence in the cosmetic dermatology segment. It has a portfolio of more than 50 brands, marketed in India. The top ten brands of Curatio account for 75% of total revenue.
Torrent Pharma said the deal will push the company into the league of top 10 players in the dermatology segment and make it the leader in the cosmetic dermatology space. Torrent will also add a field force of 600 medical representatives and a distribution network of 900 stockists.
Curatio’s reported revenue for 2021-22 was Rs 224 crore. It is expected to cross Rs 275 crore revenue in 2022-23. Dermatology accounts for 82% of Curatio’s revenue.
“The acquisition offers Torrent the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit,” said Torrent director Aman Mehta.
“Curatio has built a commendable set of high market share brands in cosmetic and paediatric dermatology that we look forward to adding to our product offerings,” he added.
The transaction is subject to conditions precedent and is expected to close within one month.