Torrent Pharma all geared up to acquire skincare manufacturer ‘Curatio Healthcare'

25 Aug 2022 , 11:43 AM

Torrent Pharmaceuticals Limited plans to buy Curatio Healthcare, a skincare product maker. According to persons familiar with the situation, the acquisition will value Curatio at Rs2,100 crore.

Existing Curatio investors such as ChrysCapital (which has a 20% investment) and Sequoia Capital (33% stake) will exit their holdings. The company’s promoters, including GK Ramani, and management will also be leaving the company.

The agreement is scheduled to be inked within the next two weeks, according to the sources.

Torrent Pharma and KKR-controlled JB Chemicals were the last two bidders for Chennai-based Curatio, according to reports.

Edelweiss Financial Services and Mape Advisory are the advisors to this transaction.

As per the sources, half-dozen pharmaceutical firms – Aurobindo, Biocon, Dr Reddy’s, JB Chemicals, Torrent Pharma, and Zydus Healthcare – were shortlisted in the second round for the acquisition of Curatio.

In 2018, ChrysCap purchased the interest from Fulcrum Venture India for Rs130 crore. In 2014, Sequoia invested around Rs100 crore in Curatio.

Curatio was founded in 2005 by a group of former executives from American Remedies, notably K Ramanathan and Ramani, following the merger of their firm with Dr Reddy’s in 1999.

Curatio has over 700 distributors and reaches over 6,000 clinicians in India, with an emphasis on dermatology, pediatricians, and gynaecologists. Tedibar infant soap is their best-selling product.

In the domestic pharmaceutical industry, Torrent Pharma has been an active acquirer. Recently, in May 2022 it acquired four brands from Dr Reddy’s.

At around 11.54 AM, Torrent Pharmaceuticals was trading at Rs1,551.85 per piece, down by 0.06% from its previous closing of Rs1,552.80 on the BSE. The scrip opened at Rs1,559 and touched intraday high and low of Rs1,570.30 and Rs1,544.35 respectively.

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