Warburg Pincus buys Mumbai’s pharma company Integrace in Rs 1,200 crore deal

Mumbai: US private equity firm Warburg Pincus has acquired Mumbai-based Integrace Private Limited, a leading domestic formulations company focused on orthopedics and gynecology, it said on Wednesday.

According to sources, the deal values Integrace at ₹1,200 crore.

As part of the transaction, existing shareholders — homegrown PE fund True North and Singapore sovereign investor Temasek Holdings — will fully exit their investment in the company. True North Fund VI LLP holds a 55.83% stake in Integrace, while Temasek arm V-Science Investments Pte owns 43.91%.


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Warburg Pincus was in advanced talks to acquire formulations maker Integrace Health for about ₹1,200 crore, ET first reported in February.

Industry veteran Rehan Khan, former Managing Director at MSD and Abbott India Limited, will join Integrace as Chief Executive Officer to lead the company's next phase of growth in partnership with Warburg Pincus, it added.

"This acquisition reflects our conviction in therapy-focused, brand-led platforms and our ambition to build a scaled, market-leading pharmaceuticals business in India,” said Himanshu Nema, Managing Director, Warburg Pincus.

Incorporated in August 2018, Integrace commenced operations by acquiring a portfolio of branded generic businesses from Glenmark Pharmaceuticals later that year. In October 2018, it bought Glenmark's gynaecology business for ₹115 crore in cash, followed by the acquisition of the company's orthopaedic and pain management (OPM) business in India and Nepal in a transaction valued at ₹635 crore.

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Integrace expanded its gynaecology franchise in 2021 through the acquisition of the Mifegest and Cytolog brands from Zydus Healthcare.

Integrace’s brands in the OPM segment, including Lizolid and Stiloz, are the largest contributors to revenue, followed by Esoz. In the gynaecology segment, Mifegest is the largest contributor, followed by Cytolog, Fenza and Mumfer.

"India's pharmaceutical market is large and attractive, with predictable long-term growth, particularly in women’s health and orthopedic therapies,” said Rehan Khan, Chief Executive Officer, Integrace. "With Warburg Pincus' business-building expertise and healthcare investing experience, we look forward to building a scaled, therapy-focused domestic formulations platform in India," he added.

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 among specialists through its science-based marketing practices.”

Warburg Pincus has been an active investor in the Indian pharmaceuticals and healthcare space. In April 2024, it bought a majority stake in Chennai-based cataract lens maker Appasamy Associates at a valuation of ₹3,000–3,200 crore. In 2022, it took an approximately 11% stake in medical devices maker Micro Life for $210 million, valuing the firm at roughly $1.5 billion. Earlier, in 2014, Warburg Pincus picked up a minority stake in API maker Laurus Labs for around ₹550 crore and exited in 2020.