Torrent Pharmaceuticals has entered into a definitive agreement to acquire private equity firm KKR’s controlling stake in JB Chemicals & Pharmaceuticals in a transaction valued at approximately $1.4bn, marking one of the largest healthcare M&A deals in India this year, according to a report by Bloomberg.
Under the terms of the agreement, Torrent will purchase a 46.4% stake in JB Pharma from KKR at INR1,600 ($18.70) per share. In line with regulatory requirements, Torrent will launch a mandatory open offer to acquire up to an additional 26% stake at INR1,639 per share.
In addition to the controlling interest, Torrent intends to acquire up to 2.8% of JB Pharma from certain employees at the same price paid to KKR. The parties also announced their intention to pursue a merger of the two businesses via a scheme of arrangement.
The transaction values JB Pharma at approximately $3.3bn based on recent trading levels. Shares in JB Pharma closed at INR1,801.4 in Mumbai on Friday, having declined around 2.3% year-to-date. Torrent shares have remained broadly flat in 2025, with the company holding a market capitalisation of approximately $13.2bn.
KKR initially acquired a majority stake in JB Pharma in 2020 from the founding Mody family, subsequently launching an open offer to increase its holding. The exit is expected to generate a return of more than 5x for the firm, according to a person familiar with the matter.
KKR declined to comment on the returns.
The deal reflects continued momentum in India’s M&A landscape, particularly in the healthcare and consumer sectors. The announcement follows JSW Group’s agreement to acquire up to 75% of Akzo Nobel’s Indian operations last week.
Founded in 1976, JB Pharma manufactures a broad portfolio of products across key therapeutic areas including gastroenterology, hypertension, dermatology, and diabetes. The company exports its formulations to over 40 countries, including the United States.
The transaction remains subject to regulatory approvals and customary closing conditions.
