Firm Matters

Khaitan & Co advised True North and Integrace Pvt Ltd ("Integrace") on Warburg Pincus's acquisition of 100% of Integrace, a leading domestic formulations company focused on orthopaedics and gynaecology, providing end-to-end legal support including legal vendor due diligence, structuring, transaction documentation, regulatory advice and support and closing.

The transaction constitutes a full exit for both existing shareholders, True North Fund VI LLP and V-Sciences Investments Pte Ltd (a Temasek vehicle), transferring complete ownership of Integrace to Warburg Pincus. Integrace has built a differentiated portfolio of more than 20 brands across attractive high-growth markets. Through its scientific marketing practices, Integrace has built trusted relationships with over 45,000 healthcare professionals across India, supported by a high-quality specialist prescriber base across orthopaedics and gynaecologists.

Himanshu Nema, managing director, Warburg Pincus, said, "Integrace has built an exceptional foundation with a differentiated portfolio in orthopaedics and gynaecology, 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.”

Satish Chander, Partner, True North, said, "We are proud to have partnered with the Integrace team as they built it into a strong quality healthcare company that established a deep and respectable position amongst specialists through its science-based marketing practices. We wish Rehan, Warburg Pincus and the entire team continued success in the next phase of growth.”

Firm’s Role

The Firm acted as legal counsel to True North and Integrace in connection with the transaction, providing end-to-end support. The firm advised on, inter alia:

• Legal vendor due diligence on Integrace Private Limited
• Drafting, reviewing and negotiating transaction documentation

• W&I insurance aspects, regulatory approval and completion of the transaction

Strategic Significance

Integrace operates in India's high-growth pharmaceutical formulations market, with particular strength in women's health and orthopedic therapies. The company has built a portfolio of more than 20 brands, including five power brands ranking among the top three in their respective markets, and maintains relationships with over 45,000 healthcare professionals across India through science-backed marketing practices. Integrace has previously strengthened its portfolio through strategic acquisitions, including Glenmark Pharmaceuticals' gynecology, orthopedics and pain-management business, and brands such as Mifegest and Cytolog from Zydus Healthcare.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has more than $105 billion in assets under management and more than 225 companies in its active portfolio, having invested in more than 1,100 companies across its private equity, real estate and capital solutions strategies. Headquartered in New York, with more than 15 offices globally.

About True North

True North is one of India's most respected home-grown private equity firms, having raised seven investment funds with a combined corpus of approximately US$3 billion, including co-investments, and having added value to more than 60 businesses over the last 25 years across consumer, financial services, healthcare, and technology.

About Integrace

Integrace Pvt Ltd is a leading domestic formulations company focused on orthopedics and gynecology, with a portfolio of more than 20 products catering to pain management, pregnancy and women's health, including five power brands ranking among the top three in their respective markets.