Torrent Pharmaceuticals Ltd has announced a major acquisition deal, acquiring a controlling stake in JB Chemicals & Pharmaceuticals Ltd (JB Pharma) from global investment firm KKR. The deal values JB Pharma at ₹25,689 crore, marking one of the largest transactions in India’s pharmaceutical sector.
Under the terms of the agreement, Torrent Pharma will acquire KKR’s entire 46.39% stake in JB Pharma for ₹11,917 crore at ₹1,600 per share. Additionally, Torrent will purchase up to 2.8% of shares held by JB Pharma employees at the same price.
As part of regulatory compliance under SEBI rules, Torrent will launch a mandatory open offer to acquire an additional 26% stake from public shareholders at ₹1,639.18 per share. Following this, JB Pharma is expected to merge with Torrent Pharmaceuticals via a scheme of arrangement. Shareholders of JB Pharma will receive 51 equity shares of Torrent Pharma for every 100 shares they hold.
Torrent Pharma said the acquisition strengthens its portfolio in chronic therapies such as cardiovascular, gastrointestinal, and respiratory segments—where JB Pharma has a strong presence. The deal also enhances Torrent’s international footprint and brings in JB Pharma’s CDMO (contract development and manufacturing organization) capabilities.
“This strategic acquisition aligns with Torrent’s long-term vision to become a diversified global pharma company,” said Samir Mehta, Executive Chairman of Torrent Pharmaceuticals. “JB Pharma’s strong domestic brand presence and global manufacturing infrastructure complement our current operations.”
The transaction is subject to regulatory approvals from the Competition Commission of India (CCI), the Securities and Exchange Board of India (SEBI), the stock exchanges, and the National Company Law Tribunal (NCLT).
KKR had acquired JB Pharma in 2020 and significantly scaled its operations. With this exit, KKR is expected to make a substantial return on investment.
The merger, once completed, will create a stronger combined entity with enhanced capabilities across both branded generics and international manufacturing services.
