Torrent-JB Pharma deal value accretive

INTEGRATION SET TO DRIVE LONG-TERM REVENUE SYNERGIES

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OVER THE PAST few days, media reports have indicated Torrent Pharma's interest in acquiring JB Pharma. In this note, we present a preliminary strategic and financial assessment of the potential transaction.

The potential acquisition would not come as a surprise to us, as inorganic expansion—particularly within India—has been a core part of Torrent Pharma's growth strategy. Notably, the company has a solid track record of value-accretive acquisitions, and its India acquisition playbook is well established.