The Competition Commission of India has approved the proposed acquisition of J. B. Chemicals & Pharmaceuticals Limited by Torrent Pharmaceuticals Limited with voluntary modifications.

The proposed combination relates to acquisition of shareholding by Torrent Pharmaceuticals Limited (Acquirer) in J. B. Chemicals & Pharmaceuticals Limited (Target) and the subsequent amalgamation of the Target with the Acquirer (Proposed Combination) (Acquirer and Target are collectively the ‘Parties’).

The Acquirer is the flagship company of the Torrent group and is inter alia engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments.

The Target is inter alia engaged in business of manufacturing and marketing of diverse range of FDFs and Active Pharmaceutical Ingredients (APIs) and also provides Contract Development and Manufacturing Organisation (CDMO) services.

The Commission approved the Proposed Combination subject to compliance of voluntary modifications offered by the Parties.

Detailed order of the Commission will follow.

Combination approval with voluntary modifications: acquisition and amalgamation cleared subject to compliance with offered remedies. The competition regulator approved Torrent Pharmaceuticals Limited's acquisition of shareholding in and planned amalgamation of J. B. Chemicals & Pharmaceuticals Limited, conditional on compliance with voluntary modifications offered by the Parties; the parties operate in finished dosage formulations, APIs and CDMO services and a detailed order will follow.