Torrent Pharmaceuticals to acquire stake in JB Pharma for $3bn
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Torrent Pharmaceuticals, has signed definitive agreements for the acquisition of a controlling stake in JB Chemicals and Pharmaceuticals (JB Pharma) from global investment firm KKR at an equity valuation of Rs256.89bn ($3bn) on a fully diluted basis. The move is part of Torrent’s strategy to create a diversified healthcare platform that combines its chronic segment expertise with growing international contract development and manufacturing organisation capabilities.
Torrent intends to buy up to 2.8% of equity shares from JB Pharma employees at the same price per share as offered to KKR. Following the acquisition, a merger between Torrent and JB Pharma will be executed through a scheme of arrangement. Shareholders of JB Pharma will receive 51 shares of Torrent for every 100 shares held post-merger, as approved by the boards of directors of both companies.
JB Pharma CEO and whole time director Nikhil Chopra stated: “As we now enter a new chapter alongside Torrent Pharmaceuticals, we are confident that the combined strengths of our organisations will unlock greater opportunities to enhance healthcare access across our markets.”
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