Glenmark Pharmaceuticals has completed the transfer of its orthopaedic and pain management business, valued at Rs 635 crore, to a new entity incorporated by leading private equity firm True North.
This August, Glenmark had entered into a collaboration with True North to market the orthopaedic and pain management product portfolio in India and Nepal.
Under this collaboration, Glenmark's orthopaedic and pain management business, valued at Rs 635 crore, was transferred to a new entity incorporated by True North.
The new entity named as 'Integrace Private Ltd' will market the product portfolio in India and Nepal, Glenmark said in a statement.
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.
Glenmark's orthopaedic and pain management business accounted for 6 per cent of the company's India sales and 1.7 percent of the total consolidated revenue in FY18.
Home grown True North (formerly known as India Value Fund), has $2.5 billion of assets under management and has invested in more than 30 companies in its 19 years of operations.