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In one of the biggest pharma deals India has ever seen, Torrent Pharmaceuticals is set to acquire JB Chemicals and Pharmaceuticals from KKR.
The deets: the transaction will be executed in two phases:
- Phase 1: Torrent will acquire a 46.3% stake in JB Chemicals for ₹11,917 crore from KKR.
- Phase 2: Torrent Pharma and JB Chemicals will merge through a scheme of arrangement. JB Chemicals shareholders will receive 51 shares of Torrent Pharma for every 100 shares held.
Strategically, the move gives Torrent a foothold in new segments like ophthalmology, access to JB’s chronic care portfolio, and entry into the CDMO (contract development and manufacturing) space, an area with long-term global upside. Torrent’s chairman called it a “platform for the future,” combining domestic scale with international reach.
For KKR, it’s a clean exit after overseeing JB’s transformation into a more global, tech-driven company. And for Torrent, it’s a consolidation play that boosts scale, expands therapeutic depth, and strengthens its position in both India and key international markets.
