Temasek Holdings will invest Rs 540 crore through a mix of primary and secondary for a stake in Integrace, a therapy-focused healthcare company.
Home-grown private equity firm True North, which owns Integrace, has signed the agreement with Temasek, the PE fund said on Monday.
True North held a significant majority stake in the company through its initial investment in October 2018 and will continue to hold majority stake after the partial stake sale.
Singapore government-owned Temasek Holdings is in advanced discussions to acquire about 40% stake in Mumbai-based Integrace, ET first reported on 14 September.
Temasek will invest about Rs 550 crore ($75 million) in Integrace at a valuation of about Rs1200 crore, it added.
Integrace currently manages more than 20 brands and recently acquired two brands in Women’s Health from Zydus Cadila.
The company brands are market leaders in core orthopedic and gynecology segments like Bone and Joint disorders, Pain Management and, Pregnancy and Women’s Nutrition, said the press statement.
“Over the last three years, Integrace has earned trust and brand equity in the market. The company has established innovative technology-led systems and processes and has delivered industry-leading operational results while aligning the best interests of all stakeholders – doctors, customers and employees,” said Satish Chander, Partner, True North.
“From our initial days itself, Integrace has consciously chosen to operate in sharply focused semi chronic segments, which are growing faster than the IPM,” said Kedar Rajadnye, CEO, Integrace.
This fund raise is an important step in realising our future plans. This will bolster Integrace for more acquisitions in near future, he added.
For FY21, Integrace had posted a revenue of Rs 280 crore with an EBITDA of Rs75 crore, said sources in the know.
Integrace, set up in 2018, had acquired Glenmark Pharmaceuticals’ gynaecology business for Rs 115 crore in cash, and Glenmark’s orthopaedic and pain management business in India and Nepal, valuing the business at Rs 635 crore in 2018.
