10.7 C
New York
Monday, November 28, 2022

Buy now

spot_img

Torrent Pharma To Buy Derma-Focused Curatio For Rs 2000 Crore


Torrent Pharmaceuticals Ltd. has agreed to fully acquire sunscreen lotions-to-baby-soap maker Curatio Healthcare (I) Pvt. for Rs 2,000 crore as it strengthens its dermatology portfolio.

The consideration includes Rs 115 crore, payable on the date of signing, of cash and cash equivalents in the acquired business, indicating an enterprise value of Rs 1,885 crore, the Ahmedabad-based company said in its exchange filings.

The acquisition of Chennai-based Curatio will propel Torrent Pharma to the tenth position in the derma segment from the current 21, the filing said. It will also make the pharma company the second-largest player in the cosmetic dermatology. The transaction is expected to close within a month.

Cosmetic dermatology is a leading contributor to the derma segment. Over the last decade, the therapy has delivered an 18% CAGR, about 1.6 times of the Indian pharma market, the filing said.

Curatio’s cosmetic dermatology business includes over 50 brands including Tedibar (baby soap), Atogla (baby lotion), Spoo (baby shampoo), B4 Nappi (protective cream for preventing diaper rash and skin irritations on a baby’s skin), and Permite (antiparasite drug used to treat scabies, infections caused by lice). These are ranked amongst top five brands in their covered market.

Curatio’s reported revenue for FY21-22 was Rs 224 crore, said in the filing. With year-to-date August sales up 25%, Curatio is expected to cross Rs 275 crore revenue in FY23.

Dermatology accounts for 82% of the Curatio’s total revenue with the top 10 brands accounting for around 75%. The company has presence in India, Nepal, Sri Lanka and Philippines.

Following the acquisition, Torrent Pharma will add a field force of 600 medical representatives and a distribution network of 900 stockists.

“The acquisition offers Torrent the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit,” said Aman Mehta, director at Torrent Pharma. “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, ChrysCapital and the promotors of Curatio stated in the filing, “We believe Torrent is best suited to further catapult the business which we have built.”





Source link

Related Articles

Stay Connected

0FansLike
3,587FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles