BRIEF—Torrent to acquire derma company Curatio

Ahmedabad, India-based Torrent Pharmaceuticals has agreed to buy fellow India-based medicinal dermatology company Curatio Health Care for 2,000 crores rupees ($245.22 million), the company said in a stock exchange filing on Tuesday.

Sequoia-backed Curatio has a portfolio of over 50 brands that are marketed in India.

Torrent Pharma said that following the Curatio deal it will be among the top 10 companies in the dermatology segment in the country.

The consideration includes 115 crore rupees (on the date of signing) of cash and cash equivalents in the acquired business indicating an enterprise value of 1,885 crore, the company saidCuratio has a strong presence in the cosmetic dermatology segment in India.

Curatio’s portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked amongst top five brands in their covered market.

The top-ten brands of Curatio account for ~75% of total revenue.

With this acquisition, Torrent Pharma will add a field force of 600 medical reps and a distribution network of 900 stockists.

The transaction is subject to conditions precedent and is expected to close within one month.