True North buys into Glenmark orthopaedic, pain management business

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Indian private equity investor True North has teamed up with pharma company Glenmark to buy into its orthopaedic and pain management business in India and Nepal.

The unit will be transferred to a new entity to be incorporated by True North to be named Integrace Private Limited, or a similar name including ‘Integrace’, the firm said.

True North’s investment values the business at INR6.35bn ($90.9m). The transaction is expected to be completed in two to three months.

Glenmark’s orthopaedic and pain management business in India consists of brands such as Esoz, Bon K2, Collasmart, and Lizolid, and clocked revenues of about INR1.55bn in the 2017/18 financial year.

True North partner Praneet Singh said, “Healthcare has been a key focus sector for True North where we have partnered with leading players and have invested over $500m.

“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.”

True North – formerly known as India Value Fund – has $2.5bn of assets under management and has invested in more than 30 companies in its 19 years of operations.

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