Torrent Pharmaceuticals Limited has informed the Exchange about Investor Presentation
30th June, 2025
The Dy. General Manager (Listing Dept.) BSE Limited, Corporate Relationship Dept., 1st Floor, New Trading Ring, P. J. Towers, Dalal Street, Fort, Mumbai - 400 001 (BSE Scrip Code: 500420)
The Manager – Listing Dept., National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No. C/1, G. Block, Bandra - Kurla Complex, Bandra (E), Mumbai – 400 051 (NSE Scrip Code: TORNTPHARM)
Dear Sir,
Sub.: Presentation to analysts on acquisition of controlling stake of JB Chemicals &
Pharmaceuticals Limited
The presentation on acquisition of controlling stake of JB Chemicals & Pharmaceuticals Limited to be made to Investors / Analyst is enclosed for your records.
Thanking you,
Yours sincerely,
For TORRENT PHARMACEUTICALS LIMITED
CHINTAN M. TRIVEDI COMPANY SECRETARY
Encl : A/a
___________________________________________________________________________________ TORRENT PHARMACEUTICALS LIMITED CIN: L24230GJ1972PLC002126 Reg.Office : Torrent House, Off Ashram Road, Ahmedabad- 380 009, India. Phone: +91 79 26599000, Fax: +91 79 26582100, www.torrentpharma.com, Email : InvestorServices@TorrentPharma.com
NSE: TORNTPHARM
Investor Presentation
Acquisition and Merger of J. B. Chemicals & Pharmaceuticals
Disclaimer
This presentation is made for information purposes only, and may not be copied, distributed, reproduced, published or redistributed in whole or in part, to any other person, for any purpose.
The statements made herein may contain certain forward-looking statements in the current scenario, which is extremely dynamic, and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially different from the views expressed herein.
Readers are hence cautioned not to place undue reliance on these statements and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives.
Torrent Pharma undertakes no obligation to publicly update or revise any of the data or forward-looking statements expressed in this statement, consequent to new information, future events, or otherwise.
This document is strictly confidential.
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Overview
Executive Summary
Transaction Overview and Strategic Rationale
Acquisition of 46.39% equity stake (on a fully diluted basis) through a Share Purchase Agreement (“SPA”) at a consideration of INR 11,917 crores (INR
1,600 per share)
Overview
Trigger of Mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of INR 1,639.18 per share. In addition to the above, Torrent has also expressed its intent to acquire up to 2.80% of equity shares from employees of JB Pharma at transaction price Merger of Torrent with JB Pharma, with Torrent as the surviving listed entity once the scheme is effective
Strategic Rationale
Merger Valuation Rationale
Strategic Expansion into High-Growth Therapeutic Areas Strengthened Brand Equity and Portfolio Depth Stronger Market Positioning and Ranking Gains Strong Revenue Base to drive Sustainable Long-term Value Operational Synergy in multiple functions
The swap ratio has been recommended jointly by Ernst and Young Merchant banking services, LLP and Binder Dijker Otte (BDO) and the fairness opinion
on the same has been issued by Axis capital limited for Torrent
JB Pharma shareholders to get 51 equity shares of Torrent for every 100 equity shares of JB Pharma
Key Regulatory Approvals
Competition Commission of India (CCI) Stock exchanges and Securities and Exchange Board of India (SEBI) Other regulatory approvals, as may be required
Indicative Timelines
Overall indicative timeline, subject to approvals, for implementation of scheme of amalgamation: 15-18 months
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Torrent’s Legacy of Pharma Integrations
Proven Track Record of Strategic, Value-Accretive Acquisitions
India business
India business
2014
2017
2022
2025
Strengthened presence in pain management and women’s health
Expanded India market share significantly
Foray into high-growth pediatric dermatology and leadership in cosmetology
Leadership portfolio with strong brand equity
Each acquisition has strengthened Torrent’s position in core and emerging therapies
5
JB Pharma at a Glance
JB Pharma at a Glance
Proven Market Outperformer with Scalable Platform
Foundation for Sustainable Growth
Revenue Split by Business Verticals
49 Years of Legacy
58% India Revenue
Top 5 CDMO of Lozenges Globally
3 Brands in Top 25 in cardiology segment
17th Prescription Rank in IPM
5,600+ Employees
1.8x Chronic Outperformance to Market
8 Manufacturing Plants
6 Brands in IPM Top 300
29%
2%
40+ Countries Presence
11%
Driving Value Through Consistent Performance
CAGR: 18%
3149
3484
3918
2043
2424
58%
India
CDMO
International
API
FY21
FY22
FY23
FY24
FY25
Consistent CAGR driving long-term value
Balanced business mix ensures resilience
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Source: IQVIA
JB Pharma at a Glance: India
Proven Market Outperformer with Scalable Platform
Focused portfolio in scalable, fast-growing therapeutic areas
Cardiac
Gastroenterology
Paediatric
Ophthalmology
IVF
Nephrology
Complementary Therapies to Torrent
Entry into newer therapies for Torrent
Consistently outperforming the market
Revenue Split by Therapeutics
Value growth
IPM
JB Pharma
29%
18%
21%
8%
10%
7%
12%
8%
MAT Mar 22
MAT Mar 23
MAT Mar 24
MAT Mar 25
Volume growth
IPM
JB Pharma
5.8%
4.8%
3.0%
1.4%
0.0%
0.2%
FY23
FY24
FY25
15%
8%
33%
44%
Cardiac
Gastro
Opthalmology
Others
Source: IQVIA
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JB Pharma at a Glance
Strong Play in High-Growth Therapeutic Segments with Well-Established Brands
Cardio
Gastro
Ophthalmology
Industry Value 3-yr CAGR
Value 3-yr CAGR
10%
19%
10%
12%
5%
10%
8 Plants across 3 Locations
Gujarat
Ankleshwar
Panoli
Daman
Cumulative Capex of ~INR 450 Cr. over FY21–25
40+ global regulatory accreditations, including US
FDA, EU GMP, ANVISA, TGA, Health Canada and more
Focused portfolio of fast-growing brands with market leadership
9
JB Pharma at a Glance: International
API, 2%
CDMO 11%
International, 29%
Total International Business Revenue: INR 1,651 cr Contribution: 42%
FY25 Revenue
Growth rate
CAGR
Comments
Internation Formulation
CDMO
29%
11%
API
2%
INR 1128 cr
INR 447 cr
INR 76 cr
6%
8%
4%
21%
(12%)
(6%)
40+ countries: South Africa, US, Russia-CIA, SEA, Africa, Latam, Middle East
Subsidiary operations in South Africa & Russia 2 US FDA approved IH formulation facility
Dedicated manufacturing
facility
Top 5 global lozenges
CDMOs catering to leading global consumer healthcare companies with differentiated positioning through own IP model
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Combined Entity Ranking
Combined Entity: Secondary sales and Prescription
Enhanced Market Positioning and Competitive Ranking
Ranking based on IQVIA Secondary Sales dataset as on MAT Mar’25 Ranking based on IQVIA Secondary Sales dataset as on MAT Mar’25
Ranking based on SMSRC Prescription dataset as on MAT Feb’25 Ranking based on SMSRC Prescription dataset as on MAT Feb’25
Rank
MAT (INR crs for Mar’25)
% MS
Rank
Absolute Prescriptions
% MS
#5
1
2
3
4
5
6
7
8
9
Peer A
Peer B
Peer C
Peer D
Peer E
Peer F
Peer G
Peer H
10
Peer I
22
14,609
12,764
11,233
10,731
9,112
8,532
7,982
7,975
7,641
7,237
2,749
18,497
7.9%
6.3%
5.5%
4.8%
4.6%
3.9%
3.7%
3.4%
3.4%
3.3%
3.1%
1.2%
#4
Peer A
Peer B
Peer C
Peer D
Peer E
Peer F
Peer G
Peer H
Peer I
1
2
3
4
5
6
7
8
9
10
17
6,77,882
7.4%
6,52,527
5,26,100
4,93,548
4,47,001
4,02,007
3,62,698
3,48,657
3,31,812
3,27,835
3,13,845
1,79,703
7.1%
5.7%
5.4%
4.9%
4.4%
3.9%
3.8%
3.6%
3.6%
3.4%
2.0%
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Process Overview
Process Overview
Timeline
• Overall timeline for completion of the transaction: 15-18 months
Regulatory Approvals
Competition Commission of India (CCI) Stock exchanges and Securities and Exchange Board of India (SEBI) Other regulatory approvals, as may be required
Internal Approvals
Approval from audit committee of both Majority minority approval from shareholders of JB Pharma Shareholder approval from shareholders of Torrent Approval from creditors of both Approval from NCD holders of Torrent
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Thank You!