Torrent Pharmaceuticals Limited, based in Gujarat, is once again in talks with private equity firm KKR to acquire a 47.84% stake in JB Chemicals & Pharmaceuticals (JB Pharma).
Torrent Pharmaceuticals Limited is gearing up for another major acquisition in the pharma sector. This time, the company is focusing on Mumbai-based JB Chemicals & Pharmaceuticals. Reports suggest that Torrent Pharma is in serious discussions with private equity firm KKR to purchase the 47.84% stake in JB Pharma held by KKR. If the deal materializes, it could be another significant strategic move in India's pharmaceutical sector.
Last Year's Unfinished Deal Now Back on Track
Last year, Torrent Pharma and KKR were in talks regarding JB Pharma, but the deal fell through due to disagreements over valuation. However, discussions between the two parties have intensified again, and there is a b possibility of the deal being finalized. According to sources, the talks are in the final stages, and a public announcement could be made soon.
Current Value of the Stake
JB Pharma's closing price on the stock exchange on June 27, 2025, was ₹1,802.9 per share. Based on this, the current value of KKR's 47.84% stake is approximately ₹13,400 crore. KKR had acquired a 54% stake in JB Pharma in July 2020 for around ₹3,100 crore, when the per-share price was ₹745. Later, in March 2025, KKR sold some shares through a block deal, reducing its holding to 47.84%.
Open Offer Mandated Upon Deal Completion
If this deal is finalized, under the rules of the Securities and Exchange Board of India (SEBI), Torrent Pharma will be required to make an open offer for 26% of the shares to the public shareholders. Such a deal not only gives the company a strategic holding but also opens the way to control a larger stake through public ownership.
Silence from the Companies
Neither KKR nor Torrent Pharma or JB Pharma has issued any public statements regarding this entire development. However, the buzz in the market and reports clearly indicate that discussions are progressing rapidly.
Torrent's History
Torrent Pharma has previously made several acquisitions, which makes it clear that inorganic expansion has been given special importance in the company's growth strategy.
- In 2013, the company acquired Elder Pharma's Indian branded business.
- In 2015, it took over Zyg Pharma's dermatological business.
- In 2016, Torrent acquired the API plant of Glochem Industries.
- In 2017, it added women's health brands from Novartis and the Indian business and Sikkim plant of Unichem to its portfolio.
- In 2022, the acquisition of Curatio Healthcare took place for approximately ₹2,000 crore, which was the largest deal to date.
Considering this track record, it would not be wrong to say that Torrent Pharma now wants to strengthen its market share and brand portfolio through JB Pharma.
JB Pharma's Market Position
JB Pharma is one of the well-known pharmaceutical companies in India, with a presence in both domestic and international markets. The company's focus has been on cardiology, gastroenterology, anti-inflammatory, and other segments. After coming under KKR, improvements were seen in the company's structure and financials.
Torrent Will Gain a Broad Portfolio
If this deal goes through, Torrent Pharma will directly benefit from JB Pharma's branded generics and international network. This will also increase Torrent's presence in those markets where its reach has been limited so far. Especially JB Pharma's international supply chain and doctors network can prove to be very useful for Torrent.
