Combination C-2026/09/1466: View Documents

Summary in terms of Regulation 13(2) of the Competition Commission of India

(Combinations) Regulations, 2024 A. Name of the parties to the combination

1. The parties to the combination are:

(a) Integrace Private Limited (“Integrace”);

(b) Morning Waves Investments B.V. (“Morning Waves”); and

(c) Universal Nutriscience Private Limited (“UNS”) Integrace, Morning Waves and UNS are collectively referred to as “Parties”.

B. Nature and purpose of the combination

2. The Proposed Transactions contemplates the acquisition by Integrace of share capital of UNS from its existing shareholders and certain related transaction.

C. Products, services and business(es) of the parties to the combination Integrace

3. Integrace is an orthopaedics and gynaecology-focused domestic formulations company. It has a portfolio of 20+ products catering to pain management, pregnancy and women’s health. Supported by science-backed marketing, Integrace has cultivated a high-quality specialist coverage base of over 45,000 healthcare professionals across orthopaedics and gynaecologists. It is a subsidiary of Morning Waves, which is in turn an affiliate of Warburg Pincus LLC and / or its affiliates.

Morning Waves

4. Morning Waves is a holding company. Currently, Morning Waves has shareholding only in Integrace.UNS

5. UNS is a nutraceutical company, focused on bringing in best-in-class nutraceutical and lifestyle products. UNS intends to build new products and novel drug delivery systems.

D. Respective markets in which the parties to the combination operate

6. The Parties’ activities exhibit horizontal overlaps in the market for the manufacture and sale of pharmaceuticals / nutraceuticals in India. ***