Gujarat-based Torrent Pharmaceuticals Limited has revived talks with private equity (PE) firm KKR to acquire its 47.84 percent stake in J B Chemicals and Pharmaceuticals (JB Pharma), sources aware of the development told Moneycontrol.
A deal is likely to be signed soon between the two parties, the sources added.
Last year, Torrent Pharma was engaged in prolonged talks to acquire JB Pharma. However, the deal eventually fell through over valuation concerns.
In July 2020, KKR acquired 54 percent of JB Pharma from its promoters and founders, the Mody family, for approximately Rs 3,100 crore, or Rs 745 per share.
In March 2025, the PE firm sold a part of its stake for Rs 1,459.8 crore through block deals, bringing its share down to 47.84 percent.
KKR's stake is worth approximately Rs 13,400 crore considering the J B Pharma stock’s closing price of Rs 1,802.9 per share on June 27.
Since the start of the calendar year, JB Pharma’s stock is down 2.26 percent.
The equity sale will result in an open offer for up to 26 percent of the company’s stake held by public shareholders.
KKR declined to comment. Emails sent to Torrent Pharma and JB Pharma did not elicit any response.
Torrent, which has a presence in cardiovascular, central nervous system, and gastro-intestinal therapeutics and women's healthcare, has grown over the years through several inorganic initiatives.
It acquired Elder Pharma's Indian branded business in 2013. Other acquisitions include the buyout of the dermaceutical business of Zyg Pharma in 2015, the API plant of Glochem Industries in 2016, women's healthcare brands from Novartis, Unichem's Indian branded business along with its Sikkim Plant in 2017. Its last major buy was a Rs 2,000 crore acquisition of skin care products-maker Curatio Healthcare in 2022.
JB Pharma financials
Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, hypertension, dermatology, and diabetes. Its portfolio includes flagship brands such as Cilacar, Metrogyl, Nicardia, and Rantac. It exports tablets, capsules, creams, and other formulations to more than 40 countries, including the US. The company also has ranks among the top five manufacturers globally in medicated and herbal lozenges.
For the financial year 2024-25, JB Pharma recorded a revenue of Rs 3,918 crore compared to Rs 3,484 crore in FY23-24, registering 12 percent growth.
The company's EBITDA (earnings before interest depreciation and taxes) increased 16 percent to Rs 1,087 crore compared to Rs 939 crore in the year prior. Profit after tax grew 19 percent to Rs 660 crore in FY25 against Rs 553 crore in FY24.
JB Pharma saw its domestic revenues grow 20 percent to Rs 2,269 crore in FY25.
According to pharma research firm IQVIA, in FY25, JB Pharma's 12 percent growth outperformed the Indian pharma market, which grew 8 percent.
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