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The Rs 6,742 crore revenue <keyword id="149048" type="General" weightage="20" keywordseo="torrent-pharmaceuticals" source="Orion">Torrent Pharmaceuticals</keyword> Ltd has inked a definitive agreement to acquire city-based Curatio <keyword id="6378833" type="General" weightage="20" keywordseo="health-care" source="Orion">Health Care</keyword> (I) Private Ltd for a consideration of Rs 2,000 crore. In a regulatory filing, Torrent Pharmaceuticals said that the Rs 224 crore Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. The purchase consideration will be a mix of Rs 115 crore cash and cash equivalents in the acquired business indicating an Enterprise Value of Rs 1,885 crore. The acquisition offers an opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit, Torrent Pharmaceuticals said. With this acquisition, Torrent Pharmaceuticals will add a field force of 600 medical representatives and a distribution network of 900 stockists SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/market-in-the-grips-of-a-bear-hug-nifty50-trades-below-17000-points-rupee-hits-a-new-low/articleshow/94496389.cms">Market in the grips of a bear hug: Nifty50 trades below 17,000 points, rupee hits a new low</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/private-equity/news/fm-urges-i-t-officials-to-expedite-returns-refund-process-and-grievance-redressal/articleshow/94495614.cms">FM urges I-T officials to expedite returns, refund process and grievance redressal</a>

Torrent Pharma to acquire Curatio for Rs 2,000 crore

Shares of <keyword id="381499" type="COMPANY" weightage="100" keywordseo="Torrent-Pharmaceuticals-Ltd-">Torrent Pharmaceuticals Ltd.</keyword>, a mid-sized drugs major, rose to a fresh high after the Ahmedabad-based company reported a stellar set of first quarter earnings on the back of a sharp growth in exports. <keyword id="6773472" type="COMPANY" weightage="100" keywordseo="Torrent-Pharma">Torrent Pharma</keyword> said its first quarter <keyword id="6431508" type="UNKNOWN" weightage="100" keywordseo="Net-profit">Net Profit</keyword> rose 75 percent to 449 crore rupees compared with 256 crore rupees in the same quarter a year ago. Sales during April-June gained 75 percent to 1,947 crore rupees from 1,114 crore rupees in the year ago period. The company said its exports to the United States, its main market, surged 221 percent on the back of new products. Torrent Pharma rose 5.1 percent, or 70 rupees, to 1,464 rupees on the <keyword id="53581" type="CITY" weightage="100" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>, where 5.2 lakh shares were traded in the first 90 minutes of trade compared with the 5-day average of 2.07 lakhs. 

	Torrent Pharma's market capitalisation has doubled in the past one year to 25,000 crore rupees as investors latched on to strong growth for generic pharma products from India.
 

	(Image credits: Indiatimes)

Torrent Pharmaceuticals is doing well in the markets today: Know why

New Delhi, Jan 13 () Capital markets regulator Sebi on Monday exempted Mehta Family Trust from making open offer following its proposed acquisition of stake in three companies -- Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing.
The move came after the trust has approached Securities and Exchange Board of India (Sebi) seeking exemptions from the obligation of making open offers.
"The applicant trust is eligible for exemption as sought and the same is being granted subject to certain conditions imposed in the interest of investors," Sebi said in three separate similarly-worded orders.
The trust currently does not hold any shares in these three firms. Pursuant to the scheme of amalgamation, the trust will hold over 71.2 per cent stake in Torrent Pharmaceuticals and over 53.5 per cent stake in Torrent Power through Torrent Pvt Ltd (TPL) and 29.55 per cent in Gujarat Lease Financing through TPL, Sebi noted in the orders.
The promoter and members of the promoter group of the firms include Sudhir Uttamlal Mehta, Samir Uttamlal Mehta, Jinal Sudhir Mehta and TPL, which is owned by family members of Sudhir Mehta and family members of Samir Mehta.
All the shares of TPL are held by the members of the Mehta Family.
TPL has filed before the National Company Law Tribunal (NCLT) a scheme of amalgamation of a group company Torrent Fincorp with TPL.
The trust, in its submission to Sebi, said that the objective of the proposed acquisitions are to streamline succession and promote welfare of the promoter family. Moreover, there will not be any change in control of the these firms pursuant to the proposed acquisition.
Accordingly, Sebi has granted exemption to the acquirer trust -- Mehta Family Trust -- from complying with the requirements of the takeover regulations with respect to the proposed acquisitions in Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing.
The regulator has laid certain conditions while providing exemptions, including that the proposed acquisition should be in accordance with the relevant provisions of the Companies Act and other applicable laws.
Besides, Sebi said the trust on completion of the proposed acquisition has to file a report with the regulator within 21 days from the date of acquisition in compliance with the takeover regulations.
As per the SAST (Substantial Acquisition of Shares and Takeovers) Regulations, an entity buying 25 per cent stake in a listed firm will have to mandatorily make an open offer to buy an additional 26 per cent shares from the public shareholders. SRS
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Sebi exempts Mehta Family Trust from making open offers for Torrent Group cos

Pharmaceutical major <a href="http://www.businessinsider.in/searchresult.cms?query=Novartis">Novartis India</a> reported a 600% jump in its net profit at Rs 103.82 crore for the quarter ended September 30, 2015 on the back of slump sale of its OTC division to GlaxoSmithKline Plc for Rs 109.7 crore. It had posted a net profit of Rs 14 crore a year ago. 
 
The stand-alone total income from operations of the company declined 4.4% to Rs 224.43 crore during the reported quarter, from Rs 234.79 crore in the year-ago period. 
 "Proceeds of Rs 1,09.7 crore from slump sale of the OTC division to GSK CPL has been accounted for in the quarter ended September 30, 2015 results," <keyword id="69388" type="COMPANY" weightage="20" keywordseo="Novartis">Novartis</keyword> said in a statement. 
 
In January, its board had approved a slump sale of OTC business to <a href="http://www.businessinsider.in/searchresult.cms?query=GSK+consumer">GSK Consumer</a>. 
 
According to the company, sale of company’s OTC business in India follows the divestment of Novartis AG’s global OTC business, including all of Novartis AG’s major OTC patents, trade-marks and R&amp;D assets. 
 
Its parent Novartis AG also recently agreed to create a consumer healthcare joint venture with GlaxoSmithKline in which GSK will own a 63.5% stake while Novartis will own the remaining 36.5%. 
 
Last year, another deal was signed between Novartis and GSK where GSK will acquire Swiss major's vaccine business for $7 billion, while Novartis will purchase GSK's cancer drugs portfolio. The two companies will also combine their over-the-counter drug businesses under Glaxo’s management. 
 
In April last year, Novartis had agreed to divest its global animal health business to Lilly by transferring it to Elanco India, an affiliate of Lilly. 
 
"Proceeds of Rs 86.6 crore from slump sale of the animal health division to Elanco India have not been accounted for in the quarter as the transaction is subject to legal and regulatory approvals," Novartis said in the statement. 
 
In January this year, Novartis AG completed sale of its animal-health division to Eli Lilly &amp; Co for $5.4 billion as part of the Swiss drug giant’s portfolio overhaul. 
 
The sale of the animal-health division is part of a complex overhaul of Novartis that will enable it to focus on three core businesses—pharmaceuticals, eye care and generic drugs. 
 
Of late, <a href="http://www.businessinsider.in/searchresult.cms?query=pharma">Indian pharmaceutical sector</a> has been seeing intense M&amp;A activity. In March, <a href="http://www.businessinsider.in/searchresult.cms?query=Sun+Pharmaceutical+Industries+">Sun Pharmaceutical Industries</a> completed a $3.2 billion acquisition of <keyword id="82365" type="CITY" weightage="20" keywordseo="Ranbaxy-Laboratories">Ranbaxy Laboratories</keyword> Ltd to create India’s largest drug maker, with a local market share of 10%, and the world’s fifth-biggest generic pharmaceutical firm by revenue. 
 
The deal was closed after Sun Pharma faced mounting challenges procuring approvals from authorities including the courts, capital markets regulator and anti-trust watchdogs in India and the US. Sun Pharma and Ranbaxy also overcame allegations of insider trading that cast uncertainty over the deal. 
 
Other Indian pharma firms also have been aggressively looking at acquisitions in order to gain faster and easier access to new territories, increased balance sheet strength and new drug molecules. 
 
In July, Lupin acquired Russia-based ZAO Biocom for an undisclosed amount, entering a country that will be one of the top eight markets for drugmakers by 2018. 
 
The deal followed just two months after Lupin acquired Brazil-based Medquimica Industria Farmaceutica SA. In March 2014, it also purchased Mexican ophthalmic drug maker Laboratorios Grin SA, the fourth-largest pharma company in Mexico, for an undisclosed sum. 
 
In December 2014, Aurobindo Pharma acquired US-based Natrol Inc for $132.5 million for gaining access to the latter’s nutraceutical brands in the US. In January 2014, Aurobindo bought Actavis Plc’s (now Allergan Plc) Western European businesses to gain access to products, infrastructure and a marketing set-up in seven European countries. 
 
Domestic M&amp;A activities have also been gaining traction among drugmakers as they have been trying to leverage favourable valuations. In May this year, Torrent Pharma acquired ZYG Pharma Pvt Ltd that manufactures dermatological formulations such as creams, ointments, gels and lotions. This came after its December 2013 acquisition of Mumbai-based Elder Pharmaceuticals Ltd for around Rs 2,000 crore that gave it access to Elder’s brands in women’s healthcare, pain management and nutraceuticals. 
 
In addition, <a href="http://www.businessinsider.in/searchresult.cms?query=cadila">Cadila Healthcare</a> recently emerged the front-runner to snap the generic sterile injectables business of Ahmedabad-based Claris Lifesciences Ltd. 
 
Outbound M&amp;As in the pharma sector have specifically been driven by an increasing appetite among drugmakers for acquiring firms that have approved facilities outside the country and whose products are sold in expanding overseas markets. Indian drugmakers have also been looking for intermediaries and distributors with established, large distribution and marketing networks as snapping such players would help them market own products in international geographies. 
 
The series of acquisitions has also enlivened investors’ interest in pharma companies. 
 
Over the last year, Singapore’s Temasek Holdings has invested as much as $600 million to buy stakes in Intas Pharmaceuticals, Glenmark Pharmaceuticals and Sun Pharmaceutical Industries. 
 
According to a recent study by PricewaterhouseCoopers, India is expected to be one of the top 10 pharmaceutical markets by sales and reach a value of around $50 billion by 2020. 
 
Indian pharma firms are already among the global leaders in producing generics, accounting for more than 20% of the world’s generics. According to PwC, around $70 billion worth of drugs are expected to go off patent in the US over the next three years, and India is capable of manufacturing a substantial share of the product to support the resulting generics opportunities.

Indian pharma sector is going through an interesting phase with Novartis being the latest

The government has approved FDI worth around Rs. 4,000 Crores for four pharma and medical devices firms. 
 
The accepted list includes Torrent Pharmaceuticals and Biocon's Syngene. However, Strides Arcolab was not allowed to issue shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals. Three other drug companies’ applications have been delayed. 
 
The government’s decision to allow Torrent Pharmaceuticals' Rs. 3,000 Crores proposal for increasing FII limit to 35% from 13.09% was the biggest today. Syngene's proposal to raise FDI of about Rs. 930 Crores by raising the foreign investment to 44% from the current 10% was the second biggest in the pharmacy sector today. 
 
Others given approval are Stericat Gut Strings Pvt Ltd for FDI of Rs 43.52 Crores as it wants to sell 77.5% of its shares to Groupe Peters Surgical LLC 
 
Ordain Health Care Global Pvt Ltd was also allowed FDI of Rs. 23.34 Crore to buy assets from Alkems Fertica. 
 
The list whose proposals were delayed includes Celon Laboratories, Shantha Biotechnics and Sparsha Pharma International. 
 
(Image credit: Indiatimes)

Whopping Rs. 4,000 Crores FDI boost for Indian Pharma

New Delhi, Feb 18 () Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said on Tuesday. Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&amp;T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, NSE Indices said in a statement. Adani Transmission, IDBI Bank, Info Edge (India) Ltd, Larsen &amp; Toubro Infotech and Torrent Pharmaceuticals would be added in Nifty Next 50 index. Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector. NSE Indices' Index Maintenance Sub-Committee has decided to make the replacement of stocks in various indices as part of its periodic review. These changes would become effective from March 27, 2020. Also, NSE Indices has revised the eligibility criteria for inclusion in Nifty's 17 sectoral indices. Under the new criteria, companies should be a part of Nifty 500 at the time of review. In case, the number of eligible stocks representing a particular sector within Nifty 500 falls below 10, then deficit number of stocks shall be selected from the universe of stocks ranked within top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data used for index. At present, companies need to rank within top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data for inclusion in the indices. SP RVK

You Searched For "Torrent Pharmaceuticals Ltd" and got 6 results

Torrent Pharma to acquire Curatio for Rs 2,000 crore

IANS

Torrent Pharmaceuticals is doing well in the markets today: Know why

Shailendra Bhatnagar

Sebi exempts Mehta Family Trust from making open offers for Torrent Group cos

PTI

Indian pharma sector is going through an interesting phase with Novartis being the latest

Preetam Kaushik

Whopping Rs. 4,000 Crores FDI boost for Indian Pharma

BI India Bureau

Yes Bank to be dropped from Nifty 50 from Mar 27; Shree Cement to move in

PTI

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