Matrix Pharma Private Ltd has finalized the acquisition of Viatris’ active pharmaceutical ingredients (API) business for ₹1,445 crore, a deal facilitated by funding from Kotak Strategic Situations Fund II (KSSF II).
This acquisition is poised to elevate Matrix Pharma to the position of the second-largest Indian API player, with a notable global presence in antiretroviral APIs, as highlighted in a statement regarding the development. KSSF II, managed by Kotak Alternate Asset Managers Ltd, played a pivotal role in financing the transaction.
The acquisition grants Matrix Pharma access to valuable research capabilities, with over 185 scientists on board, and a robust portfolio
of over 600 Drug Master Files (DMFs). Additionally, Matrix Pharma aims to leverage its existing relationships with global pharmaceutical companies to further enhance its market position.
Kotak Alternate Asset Managers will support Matrix Pharma in consolidating its presence in the API business by bolstering third-party sales. Furthermore, the company will explore selective opportunities for growth in the pharmaceutical contract development and manufacturing organization (CDMO) space.
Srini Sriniwasan, Managing Director of Kotak Alternate Asset Managers, emphasized that this transaction underscores the firm’s capabilities in the pharmaceutical industry and its capacity to create a platform for building a robust API business through organic and inorganic growth. Eshwar Karra, CEO of Kotak Strategic Situations Fund, noted that India’s chemistry capabilities and cost-competitive manufacturing position it as the third-largest API manufacturer globally, further highlighting the potential for growth and expansion in the pharmaceutical sector.