Kotak Alt funds Matrix founder's buyout of Viatris API business
Matrix Laboratories founder Nimmagadda Prasad's acquisition of the active pharmaceutical ingredient (API) business of Viatris.
Modi 3.0 Live
Modi 3.0 is here! Familiar faces, fresh additions, and the big portfolio puzzle
Modi-fying growth: India plans policy twist for jobs & investment
No place for losers: Modi sends a clear message with Cabinet 3.0
Kotak Alt made the investment through Kotak Strategic Situations Fund II, it said in a news release on Tuesday, but did not provide details of the funding structure. ET in April reported that Kotak would be lending $150 million (Rs 1,250 crore) under a mezzanine debt facility at 18-20% and arranging an additional $300 million from other lenders including Edelweiss Domestic Performing Credit Fund to fund the acquisition of the API business.
Kotak Alt did not respond to a request seeking comment, while Prasad could not be reached immediately. Kotak Alt said on Tuesday that the transaction would enable Matrix to consolidate its leadership position in the API business by strengthening its third-party sales and allow it to selectively evaluate inorganic opportunities in the pharma contract development and manufacturing organisation space.
After this acquisition, Prasad's company would be the second largest Indian API player with a global leadership in antiretroviral APIs. It would gain access to strong R&D capabilities, including 185 scientists and over 600 drug master filings. With regulatory approvals for the US and European Union, it is poised to leverage its
