Glenmark Pharmaceuticals on Tuesday said it had completed the transfer of its orthopaedic and pain management business, valued at Rs 635 crore, to a new entity incorporated by private equity firm True North.

In August, Glenmark had entered into a collaboration with True North for its orthopaedic and pain management product portfolio in India and Nepal. The new entity was named Integrace Pvt Ltd, which will market the product portfolio in the two countries. The move was part of its plan to reduce debt.

As part of the deal, Sujesh Vasudevan, president (India formulations, Middle East and Africa) at Glenmark, will join the board of Integrace.

Glenmark’s orthopaedic and pain management business in India, consisting of brands such as Esoz, Bon K2, Collasmart, and Lizolid, clocked a revenue of Rs 155.8 crore in 2017-18. These two businesses accounted for 6 per cent of the company’s India sales and 1.7 per cent of the total consolidated revenue in the previous fiscal.

Home grown True North (formerly India Value Fund) has $2.5 billion of assets under management and has invested in more than 30 companies in its 19 years of operations.

The gross debt of Glenmark stood at Rs 4,652 crore during the quarter ended June 30. Its net debt during the period was Rs 3,662 crore.

Glenmark is also transfering its active pharmaceutical business to a wholly owned subsidiary.