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Glenmark forms JV with True North for pain management, orthopaedic business

The business is valued at Rs 6.35 bn and Glenmark will continue to hold a stake in the new company

Aneesh Phadnis  |  Mumbai 

drugs, medicines, USFDA

has formed a joint venture with private equity firm for its and products business in India and Nepal.

The business is valued at Rs 6.35 billion and will continue to hold a stake in the new company along with 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. "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 franchise, we are collaborating with and firmly believe that this alliance will help unleash full potential of this business," Vasudevan said in a statement.

First Published: Fri, August 10 2018. 22:36 IST