Glenmark has formed a joint venture with private equity firm True North for its pain management and orthopaedic products business in India and Nepal.
The business is valued at Rs 6.35 billion and Glenmark will continue to hold a stake in the new company along with True North. Specific shareholding details were not disclosed.
The business earned Rs 1.55 billion in revenue in the last financial year and accounted for six per cent of Glenmark's India sales and 1.7 per cent of its consolidated revenue during the same period.
Sujesh Vasudevan, who heads Glenmark's India formulations business, will join the board of the new entity, which will house two businesses. "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 full potential of this business," Vasudevan said in a statement.