IQuest Enterprises, a multi-sector investment company, on Monday said it has entered into a definitive agreement to acquire the API (active pharmaceutical ingredient) operations of global pharmaceutical major Viatris in India. A press release from IQuest said it emerged as the preferred investor following a global competitive bid.
The said operations include a total of six large-scale API manufacturing facilities, three each in Visakhapatnam and Hyderabad, a Research and Development facility here, as well as third-party API sales.
A significant part of the team at IQuest Enterprises was involved with some of the present facilities when it was operating as part of Matrix Labs, which was divested in 2006 to Mylan. Subsequently, in 2020, Mylan was merged with another entity to be renamed as Viatris.
This acquisition will also mark the return of Nimmagadda Prasad to the pharma industry after a 17-year hiatus. Prasad has been a serial entrepreneur having developed significant businesses (Matrix Laboratorties and CARE Hospitals) to scale and creating enhanced shareholder value.
Commenting on the development, Gunupati Swathi Reddy, Executive Director, IQuest Enterprises said, "We are excited about our largest investment in the pharmaceutical sector till date. Our investment comes at an opportune time when India is drawing significant attention amongst the global pharma industry. It is also a happy homecoming, in more ways than one, for some of us who have been part of the journey over the last two decades."
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