Torrent Pharmaceuticals to acquire dermatology company Curatio Healthcare for Rs 20bn
Indian pharma company Torrent Pharmaceuticals has agreed to acquire cosmetic dermatology company Curatio Healthcare (I) Private Limited for INR 2,000 crores, in a move to strengthen its presence in the dermatology segment.
The consideration consists of INR 115 crores of cash and cash equivalents in the acquired business, which gives an enterprise value of INR 1,885 crores.
With this acquisition, Torrent Pharmaceuticals will add 600 medical representatives (MRs) and around 900 stockists.
Backed by investors like Sequoia and ChrysCapital, Curatio Healthcare is said to have more than 50 brands. Its brands include Atogla, Tedibar, B4 Nappi, Spoo, and Permite, which contribute nearly 75% of the company’s total income.
Sequoia, ChrysCapital, and the Promotors of Curatio Healthcare stated: “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.”
The reported revenue of Curatio Healthcare was INR 224 crores in the financial year 2021-2022. Its revenue is expected to surpass INR 275 crores in the financial year 2023, said Torrent Pharmaceuticals.
Aman Mehta — Torrent Pharmaceuticals 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.”
The deal, which is subject to meeting the preceding conditions, is likely to close within a month.