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Kotak Alt invests Rs 1445 Cr for acquisition of API biz of Viatris by Matrix Pharma

Post this acquisition, Matrix will be the second-largest Indian API player with global leadership in antiretroviral (ARV) APIs 

Kotak Alternate Asset Managers announced an investment of Rs 1445 crore for the acquisition of the API business of Viatris by Matrix Pharma. The acquisition has been consummated by the Kotak Strategic Situations Fund II. 

Post this acquisition, Matrix will be the second-largest Indian API player with global leadership in antiretroviral (ARV) APIs. Matrix will gain access to strong R&D capabilities, including 185+ scientists and 600+ DMF filings. With regulatory approvals for the US and EU, it will be able to leverage its long-standing relationships with global pharma majors. Kotak Alt will enable Matrix to consolidate its leadership in the API business by strengthening its third-party sales and will selectively evaluate inorganic opportunities in the pharma contract development and manufacturing organisation (CDMO) space. 

Srini Sriniwasan, MD, Kotak Alternate Asset Managers said, “This Buy-out of a significant business along with key incumbent management coming on board, demonstrates Kotak Alt strong deal sourcing and structuring capabilities. It underscores our Pharma industry capabilities and ability to create a platform to build a robust API business which we can support with organic and inorganic growth.” 

Eshwar Karra, CEO – Kotak Strategic Situations Fund, Kotak Alternate Asset Managers said, “India is the third largest API manufacturer in the world given its chemistry capabilities and cost-competitive manufacturing. We are delighted to back the management and operating team to support its global ambitions.”

 

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