Home / Companies / News /  Torrent Pharma set to acquire Curatio Health for 2,000 cr

Torrent Pharmaceuticals Ltd has agreed to acquire Sequoia-backed skincare product manufacturer Curatio Healthcare (I) Pvt. Ltd for 2,000 crore, it said in a regulatory filing.

The consideration includes 115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an Enterprise Value of Curatio at 1,885 crore. The transaction is likely to close within one month. Curatios’ team of 600 medical representatives will join Torrent Pharma and it will add a distribution network of 900 stockists.

“In the last 15 years, Curatio has built a strong portfolio of differentiated products in the derma segment which are well received by both doctors and patients. We believe Torrent is best suited to further catapult the business we have built," said Sequoia, ChrysCapital and the promotors, including GK Ramani, of Curatio in a joint statement.

In March, VCCircle had first reported that Dr Reddy’s Laboratories Ltd, Torrent Healthcare, JB Chemicals and Warburg Pincus were shortlisted to buy Curatio.

Founded in 2005, Curatio is backed by venture capital and private equity firms Sequoia, Anicut and ChrysCapital. The company has strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands. Besides India, it also has operations in Nepal, Srilanka and the Philippines.

Sequoia Capital acquired a 33% stake in Curatio Healthcare in 2014, while ChrysCapital picked up a stake in 2018 from Fulcrum Capital, when it exited partially. Anicut owns about 1% stake in the company.

Curatio’s portfolio consists of brands such as Tedibar, B4 Nappi, Atogla, Spoo, and Permite, with the top 10 brands accounting for 75% of its revenue. The firm expects revenue to increase from 224 crore in FY22 to 275 crore in FY23.

The deal will allow Torrent Pharma to enter the league of top 10 players in the dermatology segment, and the leader in cosmetic dermatology, it said.

ABOUT THE AUTHOR

Beena Parmar

Been Parmar is a financial journalist based in Mumbai. She has reported on the banking and finance sector for over 10 years. She now writes on the alternative investment ecosystem from India - private equity, venture capital and especially startups. She loves to read about politics, society and humane stories.
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