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Business Standard
29-06-2025
- Business
- Business Standard
Torrent Pharma to acquire JB Pharma from KKR at ₹25,689 cr valuation
In one of the largest pharma deals in the domestic market in recent years, Ahmedabad-based Torrent Pharmaceuticals will acquire a controlling stake in investment firm KKR-backed JB Chemicals and Pharmaceuticals (known as JB Pharma) at an equity valuation of ₹25,689 crore, which will be followed by the merger of the two entities. The deal will be executed in two phases — acquisition of the 46.39 per cent stake held by KKR in JB Pharma at ₹1,600 per share, amounting to ₹11,917 crore, followed by a mandatory open offer to acquire up to 26 per cent of JB Pharma shares from public shareholders at ₹1,639.18 per share. 'In addition to the above, Torrent has also expressed its intent to acquire up to 2.8 per cent of equity shares from certain employees of JB Pharma at the same price per share as KKR,' the company said in a statement on Sunday. The next step in the deal will be a merger between Torrent Pharma and JB Pharma through a scheme of arrangement, under which every shareholder holding 100 shares in JB Pharma will receive 51 shares of Torrent Pharma. The boards of directors of both companies have approved this arrangement. KKR had acquired 54 per cent of JB Pharma in July 2020 from the promoters and founders, the Mody family, for approximately ₹3,100 crore (or ₹745 per share). It sold a part of its stake in March this year through block deals for ₹1,459.8 crore. KKR has earned more than five times on its investment, with around 36 per cent gross IRR. For instance, Torrent Pharma has previously indicated plans to increase its medical representative (MR) strength by 23 per cent by the end of FY26, and the acquisition can aid in manpower augmentation. Torrent Pharma holds a 3.74 per cent share in the domestic market (according to Pharmarack, May 2025), while JB Pharma commands a 1.12 per cent share. Further, consolidation in key international markets is expected to offer greater scalability. Samir Mehta, executive chairman of Torrent Pharma, said they want to build on JB Pharma's heritage and platform for the future. 'Torrent's deep India presence and JB Pharma's fast-growing India business, combined with the CDMO and international footprint, offer immense potential to scale both revenue and profitability. This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market and builds a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent.' Torrent has previously taken the inorganic route to grow its business and enter newer segments — in 2013, it acquired Elder Pharma's India-branded business; followed by the dermaceutical business of Zyg Pharma in 2015 and the API plant of Glochem Industries in 2016. Among other major deals, it bought the India-branded business of Unichem in 2017. Its last major acquisition was of skin-care products from Curatio Healthcare in 2022. Torrent Pharma is a highly domestic-focused company, drawing around 55 per cent of its consolidated revenues from the domestic formulations business. India sales grew by 13 per cent in FY25 to ₹6,393 crore. While the company has been outperforming industry growth in the domestic market, it is also planning to increase MR strength by 23 per cent by FY26-end. Torrent has a strong presence in the cardiovascular, gastrointestinal and neurology segments. JB too has prominent cardiac and gastro brands like Cilacar, Metrogyl and Rantac. Torrent is also working on launching GLP-1 products as a day-one launch in FY26. Analysts expect a 15 per cent sales CAGR in domestic formulations for Torrent Pharma over FY25–27. Gaurav Trehan, co-head of Asia Pacific and head of Asia Pacific private equity at KKR, and CEO of KKR India, said: 'JB Pharma's transformation under our stewardship is a testament to KKR's ability to scale high-quality companies.' Nikhil Chopra, chief executive officer and whole-time director of JB Pharma, pointed out that over the past five years, the company has emerged as one of India's fastest-growing pharmaceutical players. 'We have built a strong foundation to deliver market-leading growth, as well as consistent improvement in profitability in the medium and long term. 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,' Chopra said. JB Pharma posted 12 per cent revenue growth in FY25 to ₹3,918 crore, while its EBITDA rose 16 per cent to ₹1,087 crore, and PAT increased 19 per cent to ₹660 crore. Notably, KKR Private equity has invested $2 billion in India in 2024 and recently invested $600 million in Manipal Group via its private credit arm.
Economic Times
11-06-2025
- Business
- Economic Times
Wockhardt shares jump 17%, hit fresh 52-week high
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Wockhardt surged 17% to hit their 52-week high of Rs 1,809 on the NSE. The stock has extended its unbeaten streak to the third session in a row. The stock garnered strong interest from the investors with a spurt in volume of more than 4.5 times on the stock gained amid buying action in the pharma pack, with Nifty among the top-performing sectors in a lacklustre trade today. The Nifty Bank was up 0.4% with 14 stocks trading in the green in the 20-stock pharma company, which is into branded manufacturing of drugs, contract manufacturing, API and vaccines, released its forward-looking statements last week on company said that it has filed for its Zaynich drug with the Drug Controller General of India (DCGI) for approval, and the India launch is expected in H2 FY25- company recently reported fourth quarter results for the financial year 2024-25. The company's revenue for Q4FY25 stood at Rs 743 crore compared to Rs 750 crore in the previous year. The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) grew 13% QoQ in the quarter under review at Rs 79 crore compared to Rs 70 crore in the previous company's net losses in the January-March quarter of FY25 narrowed to Rs 45 crore versus Rs 177 crore in the year-ago period. The PAT margins were reported at -6.1% versus -23.6% versus those in the year-ago company reported 7 filings for new product launches in FY2024- 25 and 6 launches in Wockhardt UK, along with 1 filing and 6 new launches in the biosimilars & NCE segments, 19 filings & 5 approvals were India-branded business stood at Rs 95 crore in Q4FY25, and for FY25, the revenue was Rs 456 crore. The UK Business stood at Rs 292 crore in Q4FY25 with a growth of 9%, and for FY25, the revenue was Rs 1,169 crore with a growth of 12%. Meanwhile, the Irish Business stood at Rs 47 crore in Q4FY2,5 and for FY25, the revenue was Rs 181 crore.
Time of India
11-06-2025
- Business
- Time of India
Wockhardt shares jump 17%, hit fresh 52-week high
Wockhardt extended its winning streak for the third straight session, drawing strong investor interest with trading volumes surging over 4.5 times on the BSE. The stock rallied alongside broader buying momentum in the pharma sector. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of Wockhardt surged 17% to hit their 52-week high of Rs 1,809 on the NSE. The stock has extended its unbeaten streak to the third session in a row. The stock garnered strong interest from the investors with a spurt in volume of more than 4.5 times on the stock gained amid buying action in the pharma pack, with Nifty among the top-performing sectors in a lacklustre trade today. The Nifty Bank was up 0.4% with 14 stocks trading in the green in the 20-stock pharma company, which is into branded manufacturing of drugs, contract manufacturing, API and vaccines, released its forward-looking statements last week on company said that it has filed for its Zaynich drug with the Drug Controller General of India (DCGI) for approval, and the India launch is expected in H2 FY25- company recently reported fourth quarter results for the financial year 2024-25. The company's revenue for Q4FY25 stood at Rs 743 crore compared to Rs 750 crore in the previous year. The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) grew 13% QoQ in the quarter under review at Rs 79 crore compared to Rs 70 crore in the previous company's net losses in the January-March quarter of FY25 narrowed to Rs 45 crore versus Rs 177 crore in the year-ago period. The PAT margins were reported at -6.1% versus -23.6% versus those in the year-ago company reported 7 filings for new product launches in FY2024- 25 and 6 launches in Wockhardt UK, along with 1 filing and 6 new launches in the biosimilars & NCE segments, 19 filings & 5 approvals were India-branded business stood at Rs 95 crore in Q4FY25, and for FY25, the revenue was Rs 456 crore. The UK Business stood at Rs 292 crore in Q4FY25 with a growth of 9%, and for FY25, the revenue was Rs 1,169 crore with a growth of 12%. Meanwhile, the Irish Business stood at Rs 47 crore in Q4FY2,5 and for FY25, the revenue was Rs 181 crore.
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Business Standard
06-05-2025
- Business
- Business Standard
Alembic Pharma Q4 profit dips 12%, revenue rises 17% to Rs 1,770 cr
Vadodara-based Alembic Pharmaceuticals posted a 12 per cent year-on-year drop in net profit for the fourth quarter of the 2024–25 financial year to Rs 157 crore as its net sales increased by 17 per cent to Rs 1,770 crore. The Ebitda was up 9 per cent to Rs 286 crore, with a resulting Ebitda margin of 16 per cent. Profit before tax rose 5 per cent to Rs 192 crore. The company took some write-offs on impaired assets in previous years, which had brought down the taxation, clarified R K Baheti, group CFO, Alembic. Shaunak Amin, MD, Alembic Pharmaceuticals, said that the India-branded business displayed improved performance backed by specialty therapies. 'Our Ex-US business delivered strong growth of 43 per cent across all markets, whereas the US business grew 20 per cent during the quarter,' he added. Alembic has been focusing on markets like the EU, Canada, Australia, and Latin American countries for the last two years, and this has now yielded results, Baheti said, adding that the US still contributes around 60 per cent of their Rs 1,200 crore international generics business. In the coming quarters, the company plans to grow its US business too. The India-branded business grew 8 per cent to Rs 545 crore for the quarter, during which it made four launches in Q4FY25 and 14 launches in total for the year. The animal health business grew 19 per cent for the quarter. Alembic saw a 4 per cent growth in its active pharmaceutical ingredients (API) business for the quarter, but the API business declined 9 per cent for the full year to Rs 1,133 crore. 'We lost some large customers due to pricing competition. We have started working on that, and expect that the API business will be back on the growth path in FY26,' Baheti said.
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Business Standard
24-04-2025
- Business
- Business Standard
Stock Market LIVE Updates: HUL, Airtel, ICICI Bk drag Sensex 260 pts to 79,860; smallcaps outperform
Sensex Today | Stock Market LIVE Updates: The broader markets are muted with the Nifty Midcap100 lower by 0.06 per cent and the Nifty Smallcap 100 trading higher by 0.40 per cent 8:41 AM Stock Market LIVE Updates: World Bank trims India's FY26 growth forecast to 6.3% amid uncertainty Stock Market LIVE Updates: Highlighting global economic weakness and policy uncertainty, the World Bank on Wednesday lowered India's growth forecast by 40 basis points to 6.3 per cent, a day after the IMF revised its estimate down to 6.2 per cent for FY 2025-26. The Reserve Bank of India (RBI) also recently cut its growth projection to 6.5 per cent, down from the earlier estimate of 6.7 per cent. In its October 2024 forecast, the World Bank had initially projected India's economic growth at 6.7 per cent. READ MORE 8:34 AM Stock Market LIVE Updates: Stocks to Watch, April 24: Tata Consumer, LTIMindtree, NHPC, Bajaj Finance Stock Market LIVE Updates: Tata Consumer Products: The FMCG giant posted a significant 59.2 per cent surge in net profit attributable to shareholders, reaching ₹345 crore in Q4 of FY 2024-25. Net sales for the quarter climbed 17.3 per cent to ₹4,608 crore, while underlying volume growth in its India-branded business stood at 5.9 per cent, excluding acquisitions. READ MORE 8:03 AM Stock Market LIVE Updates: Asia-Pacific markets mixed Stock Market LIVE Updates: Markets in the Asia-Pacific region were mixed mixed on Thursday, as Trump's less confrontational comments about tariffs on China, fuelled optimism regarding a possible thaw in US-China trade war. Japan's benchmark Nikkei 225 climbed 0.97 per cent, and the Topix gained 0.91 per cent. South Korea's Kospi slipped 0.67 per cent and the small-cap Kosdaq slipped 0.18 per cent. Australia's S&P/ASX 200 gained 0.58 per cent. Hong Kong's Hang Seng index dragged 0.29 per cent while mainland China's CSI 300 was higher by 0.21 per cent. 7:54 AM Stock Market LIVE Updates: Wall Street closes higher Stock Market LIVE Updates: US stocks rose on Wednesday, after US President Donald Trump inidcated a less confrontational approach to negotitations with China on trade tariffs. The Dow Jones gained 1.07 per cent to close at 39,606.57, the S&P 500 climbed 1.67 per cent to end at 5,375.86, and the Nasdaq Composite advancing 2.50 per cent to settle at 16,708.05. Futures linked to the SP 500 were up marginally by 0.08 per cent, Nasdaq 100 futures were flat, while Dow Jones futures were down 0.15 per cent. « Previous
