- Warburg Pincus acquired Mumbai-based Integrace Health for about Rs 1,200 crore
- True North and Temasek exited fully, transferring ownership to Warburg Pincus
- Rehan Khan appointed CEO to lead Integrace’s next growth phase with Warburg Pincus
US private equity firm Warburg Pincus has completed the acquisition of Mumbai-based formulations company Integrace Health in a deal valued at about Rs 1,200 crore, according to people familiar with the matter.
The transaction marks the full exit of existing shareholders True North and Singapore state investor Temasek, transferring ownership of the specialty pharmaceuticals company to Warburg Pincus as it expands its healthcare investments in India.
Industry veteran Rehan Khan, former Managing Director at MSD and Abbott India Limited, will join Integrace as Chief Executive Officer to lead the Company's next phase of growth in partnership with Warburg Pincus.
"Integrace has built an exceptional foundation with a differentiated portfolio in orthopedics and gynecology, a strong position in the high-growth therapeutics segments and trusted relationships with specialists. This acquisition reflects our conviction in therapy-focused, brand-led platforms and our ambition to build a scaled, market-leading pharmaceuticals business in India. We are excited to partner with Rehan and the team on this journey," Himanshu Nema, Managing Director, Warburg Pincus, said in response to a request for comment.
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Integrace will now become part of Warburg's growing healthcare platform in the country, where the firm has backed several pharmaceutical, healthcare services and medical technology businesses.
The deal concludes a sale process that attracted interest from multiple financial sponsors and strategic investors before Warburg emerged as the successful bidder.
Integrace was created in 2018 by private equity firm True North following the acquisition of Glenmark Pharmaceuticals' orthopaedics and pain management business. The company subsequently expanded its portfolio through additional acquisitions, including Glenmark's gynaecology business, building a branded formulations business with a presence across key therapeutic segments.
Temasek invested Rs 540 crore in Integrace in October 2021 through a combination of primary and secondary capital. Before the sale to Warburg, True North was a majority stakeholder with just over 50%, while temasek was a minority holder with close to 50% in the company.
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