![]() Over the last decade, cosmetic dermatology as a therapy has delivered 18% CAGR, which is 1.6x of the IPM CAGR. Torrent's acquisition of Curatio is valued at 8.4x and 6.9x FY22 and FY23E EV/sales, respectively. The deal propels Torrent Pharma to top 10 players in the dermatology segment and leadership in the cosmetic dermatology space. Within dermatology, cosmetic dermatology is a leading contributor with 84% share while other 16% is from medical derma. Dermatology accounts for 95% of Curatio’s revenues. Top three and 10 brands contribute ~50% and 75% of the total sales, respectively. Torrent Pharma has acquired 100% of Curatio Healthcare for Rs 2000 crore with a strong presence in the cosmetic/paediatric dermatology segment, with a portfolio of over 50 brands (79% chronic/sub-chronic), marketed in India.Ĭuratio's revenues has grown at a CAGR of 13% over FY20-22 to Rs 224 crore and is expected to grow 23% in FY23 to Rs 275 crore. ![]()
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