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  • South Asia

True North buys another unit from India's Glenmark

  • Suhas Bhat
  • 22 January 2020
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Mumbai-based Glenmark Pharmaceuticals has agreed to sell its gynecology operations in India and Nepal to a True North portfolio company for $16.2 million.

True North acquired the drug maker's Indian orthopedics and pain management business for $700 million in 2018. Integrace, the new entity formed as a result of the carve-out will now take another asset from Glenmark, according to a filing. The transaction is expected to close in the next two months.

"We partnered with Kedar Rajadnye and his team last year to establish Integrace as a platform starting with ortho and pain management products. Seeing the growth and progress the platform has made, we have now added the fast-growing gynecology as the next adjunct therapy,” said Satish Chander, a partner at True North.

Glenmark said that the gynecology business contributes less than 1% of total revenue. There are four products in the portfolio that Integrace will now market on behalf of the unit in India and Nepal.

Founded in 1977, Glenmark manufactures and markets both generic drugs and active pharmaceutical ingredients in over 80 countries. It has a notable market presence in the respiratory, cardiovascular and dermatology sub-sectors in India. The US and India accounted for the bulk of revenue in the most recent financial year.

Corporate divestments to local private equity firms in India have increased in recent years, spurred by the introduction of the insolvency and bankruptcy code. This is expected to contribute to a rise in buyouts over the coming decade. Meanwhile, Indian drugmakers are likely to face delays in their attempts to launch new products in the US market this year, according to rating agency CRISIL.

True North, which is currently raising its sixth fund, has invested $616 million across 11 healthcare and life sciences companies to date, most recently Biocon's biosimilar division.

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