Investment firm KKR & Co Inc (NYSE:KKR) reported on Thursday that it has entered into a definitive agreement to purchase a controlling stake in J.B. Chemicals & Pharmaceuticals Ltd (NSE:JBCHEPHARM), subject to regulatory and other customary approvals.

Under the terms of the agreement, KKR will acquire a stake from the founding Mody family at a purchase price of INR745 per share and make an open offer for an additional 26% of J.B. Chemicals.

Based in India, J.B. Chemicals is a pharmaceutical company that supplies affordable, high-quality products in the cardiac, gastrointestinal and anti-infective therapeutic areas across the branded formulations market. Its portfolio includes four brands, Cilacar, Metrogyl, Nicardia and Rantac. The company exports its branded formulations to 40 countries around the world. Its contract manufacturing capabilities allow it to partner with large, international brands to develop a diverse range of products, including tablets, injectables, creams and ointments, lozenges, herbal liquids and capsules.

KKR will fund this investment from Asian Fund III.

(USD1=INR74.19)