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28 Sep 2022

Case Insight – Torrent Pharma to acquire dermatology company Curatio Health Care

Torrent Pharmaceuticals Ltd will acquire dermatology company Curatio Health Care India Pvt Ltd for 2,000 crore. The consideration includes 115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an Enterprise Value of 1,885 crore.

Curatio’s Portfolio

  • Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. The dermatology company’s portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked amongst top 5 brands in their covered market.
  • Top ten brands of Curatio account for 75% of total revenue.

Curatio’s Revenue

  • Curatio’s revenue for FY22 came at 224 crore.
  • With YTD August sales up 25%, Curatio is expected to cross 275 crore revenue in FY23.
  • Dermatology accounts for 82% of Curatio’s revenue. Within dermatology, cosmetic dermatology is a leading contributor. Over the last decade, cosmetic dermatology as a therapy has delivered an 18% CAGR which is 1.6x of the IPM CAGR.

Outcome for Torrent Pharma 

  • 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.
  • With the acquisition, Torrent Pharma will add a Field Force of 600 MRs and a distribution network of 900 stockist.

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