Torrent Pharmaceuticals Limited (BSE:500420) and J. B. Chemicals & Pharmaceuticals Limited (BSE:506943) are among the final contenders to acquire Curatio Healthcare (I) Pvt Ltd. for about INR 25 billion in what could be the continuation of M&A deals in the pharma and life sciences space. Dr. Reddy's Laboratories Limited (BSE:500124) is also understood to have made to the penultimate round of bidding process, people with direct knowledge of the matter told ET. The transaction will see the exit of existing investors such as ChrysCapital and Sequoia Capital India Advisors Private Limited.

Promoters are expected to stay on with a minority holding. At present, venture capital fund Sequoia holds about 33.3% of Curatio Healthcare and ChrysCap owns about 20%. Promoters, including GK Ramani, and the management hold the rest.

Spokespeople for ChrysCapital, Dr Reddy's and JB Chemicals declined to comment, while mails sent to Torrent and Sequoia did not elicit any responses till press time on April 10, 2022. Edelweiss and Mape Advisory had been hired to run the formal process to find a buyer.