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Torrent Pharma revives talks to buy KKR stake in JB Chem

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NEW DELHI: Ahmedabad-based Torrent Pharma has revived talks with PE major KKR to buy its stake in Mumbai-based JB Chemicals & Pharmaceuticals in a deal which could cost around Rs 20,000 crore. KKR’s nearly 48% stake in JB Chem is valued approximately Rs 13,400 crore at its stock’s closing price of Rs 1,803 per share on BSE on Friday. The transaction, which will trigger an open offer by Torrent for up to 26% of the company’s stake held by public shareholders, is expected to be finalised soon, sources said. Discussions between KKR and other bidders, including Torrent and Micro Labs, ended last year due to valuation concerns. Efforts to reach Torrent Pharma and JB Chem were futile, and KKR officials were not available for comments.The US private equity major has been seeking to exit its investment in JB Chem for some time, and sources indicated this time the deal with Torrent Pharma is likely to proceed. Typically, private equity firms aim to exit investments within three-to-four years. In March, KKR divested about 7% stake through block deals. In July 2020, the PE major had acquired 54% in JB Chem from the promoters, the Mody family, for approximately Rs 3,100 crore or Rs 745 per share.Post acquisition, the company scaled up its domestic formulations business with a strong growth in cardiac, ophthalmology and anti-parasitic therapies. Over the years, the company ramped up its domestic play and improved its revenue from segments that offer sustainable growth and margins. Using organic and inorganic routes, it launched new products that have helped plug gaps in the business. For 2024-25, JB Pharma recorded a revenue of Rs 3,918 crore, registering 12% growth. With a growth of 12%, it outperformed domestic pharma market, which grew 8%.Its top six brands – Rantac, Cilacar, Cilacar-T, Nicardia, Metrogyl, Azmarda – feature among top 300 domestic brands.

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