Glenmark Enters into a Collaboration with True North for its Orthopaedic and Pain Management Business in India

Glenmark Pharmaceuticals Ltd, a research-led global integrated pharmaceutical company, today announced that it has entered into a collaboration with leading, home-grown private equity firm True North for its orthopaedic and pain management business for the 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 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. Sujesh Vasudevan, President India Formulations, Middle East and Africa at Glenmark will join the Board of Directors of Integrace. Glenmark is one of the fastest growing companies in the Indian pharmaceutical market. The company’s orthopaedic and pain management business in India, consisting of brands such as Esoz, Bon K2, Collasmart, and Lizolid, clocked a revenue of Rs. 155.8 crore in FY 2017-18. Glenmark’s orthopaedic and pain management business accounted for 6 percent of the company’s India sales and 1.7 percent of the total consolidated revenue in FY 2017-18. The key brands are leaders in their respective therapy areas. “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. 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.”-Medical Buyer Bureau