Torrent Pharmaceuticals' ₹256.89 billion acquisition of JB Chemicals & Pharmaceuticals represents one of the largest M&A transactions in Indian pharma history. Whether this becomes a textbook case of transformative growth or an expensive overreach depends less on the strategic intent than on clinical execution.The numbers tell a story of ambition meeting expensive reality. Torrent will initially acquire a 46.39% stake from KKR for ₹119.17 billion, followed by a mandatory open offer for an additional 26% from public shareholders at ₹1,639.18 per share. Interestingly, that offer comes at a 9% discount to JB Chemicals's recent market price, hardly the bargain basement deal that creates instant shareholder value.
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