As part of the arrangement, Glenmark’s orthopaedic and pain management business in India and Nepal will be transferred to a new entity to be incorporated by True North
Glenmark Pharmaceuticals, a research-led global integrated pharmaceutical company, recently announced that it has entered into a collaboration with home-grown private equity firm True North for its orthopaedic and pain management business for India and Nepal market.
Under this collaboration, Glenmark’s orthopaedic and pain management business, valued at INR 635 cr, will be transferred to a new entity to-be incorporated by True North. The new entity would be named as ‘Integrace Private Limited’ or any such other name including the name ‘Integrace’ as may be approved by Central Registration Centre (‘Integrace’). Integrace will market the product portfolio in India and Nepal. The transaction is expected to be completed in 2-3 months.
The company’s orthopaedic and pain management business in India, consisting of brands such as Esoz, Bon K2, Collasmart, and Lizolid, clocked revenue of INR 155.8 cr. in FY 2017-18. Glenmark’s orthopaedic and pain management business accounted for 6 per cent of the company’s India sales and 1.7 per cent of the total consolidated revenue in FY 2017-18.
“Glenmark is present in multiple therapy areas in India and remains committed to grow each of the business segments. With a view to provide additional focus and resources to the orthopaedic franchise, we are collaborating with True North and firmly believe that this alliance will help unleash the full potential of this business,” said Sujesh Vasudevan, President India Formulations, Middle East and Africa at Glenmark. He will join the Board of Directors of Integrace.
True North (formerly known as India Value Fund), has USD 2.5 billion of assets under management and has invested in more than 30 companies in its 19 years of operations. Commenting on the arrangement, Praneet Singh, Partner at True North said, “Healthcare has been a key focus sector for True North where we have partnered with leading players and have invested over USD 500 million. We look forward to this collaboration with Glenmark to build a specialty-focused domestic pharmaceutical company. This is a great opportunity that is consistent with our philosophy of investing in and helping build mid-sized businesses into industry leaders.”
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