Kotak Alternate Asset Managers Limited acquires Viatris’ API business by Matrix Pharma Private for Rs 1,445 crore, ET HealthWorld

Mumbai: Kotak Alternate Asset Managers Limited has announced an investment of Rs 1,445 crore to acquire Viatris’ API business by Matrix Pharma Private Limited. The acquisition was completed by Kotak Strategic Situations Fund II.

With this acquisition, Matrix will become India’s second largest API player and global leader in antiretroviral (ARV) APIs. Matrix will have access to strong research and development capabilities, including over 185 scientists and over 600 DMF submissions. With regulatory approvals in the US and EU, it will be able to leverage its long-standing relationships with global major pharmaceutical companies. Kotak Alt will enable Matrix to strengthen its leadership position in the API industry by strengthening third-party sales and will selectively evaluate inorganic product opportunities in the pharmaceutical contract development and manufacturing organization (CDMO) space.

Srini Sriniwasan, Managing Director, Kotak Alternate Asset Managers Limited, said: “This buyout of a significant company with the onboarding of key executives demonstrates Kotak Alt’s strong deal sourcing and structuring capabilities. This highlights the capabilities of our pharmaceutical industry and the ability to provide a platform to build a robust API business that we can support through organic and inorganic growth.”

Eshwar Karra, CEO, Kotak Strategic Situations Fund, Kotak Alternate Asset Managers Limited, said, “India is the third largest producer of APIs in the world, given its chemical capabilities and cost-competitive production. We are delighted to support the management and operational team to support its global ambitions.”