Matrix Prasad's Iquest Enterprises buys Viatris India API business
Viatris Inc. (formerly Mylan Inc.), a global healthcare company, will sell its Active Pharmaceutical Ingredients (API) business in India to Hyderabad based Iquest Enterprises, stated a company statement.
Iquest Enterprises is owned by Nimmagadda Prasad, Andhra Pradesh based industrialist and founder of Matrix Laboratories.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Healthcare ManagementVisitIIM KozhikodeIIMK Healthcare Management & Analytics ProgrammeVisitPrasad had sold his API manufacturing company Matrix to Mylan in 2007 which was rebranded as Viatris later.
Viatris' latest transaction includes three manufacturing sites and a R&D lab in Hyderabad, three manufacturing sites in Vizag and third-party API sales. Viatris will retain some selective R&D capabilities in API. The transaction is expected to close in Q1 2024, added Viatris' statement.
Last year, Viatris has put its non-core India businesses including API business and women’s healthcare business Famy Care up for sale. However, the API sale process has seen no serious buyers, ET reported in March.
The company has been seeking a valuation of $600-700 million (Rs5000 crore) for the API business, and hired Jefferies to run the sale process, ET reported.
In 2019, Mylan N.V. and Upjohn, a division of Pfizer, were merged to form Viatris. Earlier in 2015, Mylan had acquired women’s healthcare businesses Famy Care Ltd from Taparia family for $800 million as part of expanding its women care portfolio. Viatris' API business has a high exposure towards antiretroviral (ARV for HIV/ AIDS) sector which see a very low volume of sale.
Commenting on the development, Gunupati Swathi Reddy (daughter of
