New Delhi, Jun 29 (PTI) Torrent Pharmaceuticals on Sunday announced the acquisition of majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500 crore deal to become India’s second most-valued pharma company.
Torrent will acquire 46.39 per cent stake from the promoters for about Rs 11,917 crore. It would additionally buy another 2.80 per cent from certain employees of JB Chemicals at the same acquisition price of Rs 1,600 per share (about Rs 719 crore).
Post this, it would make an open offer for buying 26 per cent from open market, as per listing norms, at a price of Rs 1,639.18 per share (totaling Rs 6,842.8 crore).
This will be the second biggest deal in the pharma sector ever.
“Torrent Pharmaceuticals Limited and global investment firm KKR today announced that Torrent has entered into definitive agreements to acquire controlling stake in J B Chemicals and Pharmaceuticals from KKR at an equity valuation of Rs 25,689 crores (on fully diluted basis), followed by a merger of the two entities,” a company statement said.
The transaction marks a significant step in Torrent’s ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities. PTI ANZ DRR
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