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ICICI Direct Report
Torrent Pharmaceuticals Ltd. is set to acquire 100% of Curatio Healthcare PVt. Ltd. for Rs 2000 crore. The consideration includes Rs 115 crore of cash and cash equivalents in the acquired business indicating an enterprise of Rs 1,885 crore.
Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. Top 10 brands of Curatio account for ~75% of total revenue.
Curatio’s portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked among top five brands in their covered market
With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology space.
Curatio reported revenues of Rs 224 crore in FY22 and is expected to post Rs 275 crore revenue in FY23, thus valuing the deal at 8.4 times and 6.9 times FY22 and FY23E enterprise /sales, respectively.
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