Glenmark inks pact with private equity firm True North
New Delhi: Glenmark Pharmaceuticals said it has entered into a collaboration with 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 Rs 635 crore, will be transferred to a new entity to-be incorporated by True North.
The new entity would be named as 'Integrace Private Ltd' and will market the product portfolio in India and Nepal, Glenmark said in a statement.
The transaction is expected to be completed in 2-3 months, it added.
As part of the deal, Sujesh Vasudevan, President India Formulations, Middle East and Africa at Glenmark will join the board of Integrace.
Glenmark's orthopaedic and pain management business in India, consisting of brands such as Esoz, Bon K2, Collasmart, and Lizolid, clocked revenue of Rs 155.8 crore in 2017-18.
"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," Vasudevan said.
Home grown 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.