Temasek To Invest Rs 540 Cr In True North-backed Healthcare Firm Integrace

Singapore-based investor Temasek will invest Rs 540 crore in Integrace, a therapy-based healthcare company that is majority owned by home-grown private equity company True North.

True North said it has signed definitive documents with Temasek to invest Rs 540 crore for a stake in Integrace. 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.

Integrace is an orthopaedic and gynaecology-focused domestic formulation player ranking among the top five players in the therapies it operates. The firm currently manages over 20 brands and recently acquired two brands in Women’s Health from Zydus Cadila. The company brands are market leaders in core orthopedic and gynaecology segments like bone and joint disorders, pain management, and pregnancy and women’s nutrition.

Satish Chander, Partner, True North, said, "Over the past 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. Under True North's stewardship, Integrace became India’s youngest pharma company to be certified Great Place to Work and has formalised its ESG integration in the business."

Kedar Rajadnye, CEO, Integrace, stated, “From our initial days itself, Integrace has consciously chosen to operate in sharply-focused semi-chronic segments, which are growing faster than the IPM. Our approach has been to have sustainable and differentiated scientific practices which build bigger brands, potentially no. 1 or no. 2 in their respective markets. This fundraise is an affirmation of our business model and also an important step in realising our future plans. This will bolster Integrace for more acquisitions in near future. We continue our strong relationship with True North, who guided us by laying the foundation of becoming a sustainable and admired business and now we would gain from Temasek’s knowledge and expertise to build a future ready Integrace with tomorrow in mind.”

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