Business

Kotak Alt Invests Rs 1445 Cr In Matrix Pharma's Acquisition Of Viatris' API Business

• By Newsdesk
• New Delhi
• Jun 12, 2024

Business

Kotak Alternate Asset Managers announced on Tuesday an investment of Rs 1445 crore in the acquisition of Viatris' API business by Matrix Pharma Private. The transaction was completed through the Kotak Strategic Situations Fund II.

Following this acquisition, Matrix will become the second-largest Indian API player with a global leadership position in antiretroviral (ARV) APIs. The deal will provide Matrix with robust R&D capabilities, including a team of over 185 scientists and more than 600 DMF filings. With regulatory approvals in the US and EU, Matrix will be well-positioned to leverage its longstanding relationships with major global pharmaceutical companies.

Kotak Alt will support Matrix in consolidating its leadership in the API sector by enhancing third-party sales and selectively pursuing inorganic growth opportunities in the pharma contract development and manufacturing organization (CDMO) space.

Srini Srinivasan, Managing Director of Kotak Alternate Asset Managers, commented, “This acquisition of a significant business, along with the key management team joining us, showcases Kotak Alt's strong deal sourcing and structuring capabilities. It highlights our expertise in the pharma industry and our ability to create a platform for building a robust API business supported by both organic and inorganic growth.”

Eshwar Karra, CEO of Kotak Strategic Situations Fund at Kotak Alternate Asset Managers Limited, added, “India is the third-largest API manufacturer in the world, thanks to its chemistry expertise and cost-effective manufacturing. We are excited to support the management and operating team in achieving their global ambitions.”