HQ team
Torrent Pharmaceuticals Limited announced it would buy Indian company Curatio Healthcare (I) Private Limited, for INR 2,500 crore ($305 million), according to a BSE announcement.
Curatio has a strong presence in the cosmetic dermatology segment, with a portfolio of over 50 brands marketed in India. Its portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, ranked amongst the top five brands in their intended market.
The top ten brands of Curatio account for more than 75% of total revenue. With this acquisition, Torrent Pharma will add 600 medical representatives and a distribution network of 900 stockists.
Curatio’s reported revenue for FY21-22 was INR 224 crore. With year-to-date August sales up 25%, the Chennai-based firm may cross INR 275 crore revenue in FY23. Dermatology accounts for 82% of the company’s revenue.
Torrent Pharma will enter the league of top 10 players in the dermatology segment with the Curatio deal. According to the filing, it will also be the leader in the cosmetic dermatology space. The transaction may close within a month.
Dermatology presence
“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,” Aman Mehta, director, said.
The deal includes INR 115 crore of cash and cash equivalents in the acquired business, indicating an enterprise value of INR 1,885 crore.
Torrent Pharmaceuticals Limited, with annual revenue of more than INR 8,500 crore, is the flagship Company of the Torrent Group, with a group revenue of more than INR 22,500 crores. It is ranked eighth in the Indian pharmaceutical market and is among the top 5 in the therapeutics segments of the cardiovascular, gastrointestinal, central nervous system, and vitamins, minerals, and nutritionals.
It has a presence in 40 countries. About 74% of revenue in India comes from chronic & sub-chronic therapies. Torrent has seven manufacturing facilities, of which four are USFDA-approved.
