Kotak Alt Invests Rs 1445 Crore To Acquire Viatris' API Business

Kotak Alternate Asset Managers ("Kotak Alt") in a press statement on Tuesday , announced an investment of Rs 1445 Crore to facilitate the acquisition of the API business of Viatris by Matrix Pharma Private  ("Matrix"). The transaction has been executed through the Kotak Strategic Situations Fund II.

With this acquisition, Matrix will emerge as the second-largest Indian API player, gaining global leadership in antiretroviral (ARV) APIs. This strategic move will provide Matrix with access to robust R&D capabilities, including a team of over 185 scientists and more than 600 DMF filings. Matrix will also benefit from regulatory approvals for the US and EU markets, enabling it to leverage long-standing relationships with major global pharmaceutical companies.

Kotak Alt's investment will help Matrix consolidate its leadership position in the API sector by strengthening third-party sales and selectively exploring inorganic growth opportunities in the pharmaceutical contract development and manufacturing organisation (CDMO) space.

Srini Sriniwasan, Managing Director of Kotak Alternate Asset Managers Limited, remarked, "This acquisition of a significant business, along with key incumbent management joining us, showcases Kotak Alt's strong deal sourcing and structuring capabilities. It underscores our expertise in the pharmaceutical industry and our ability to build a robust API platform that we can support through both organic and inorganic growth."

Eshwar Karra, CEO of Kotak Strategic Situations Fund at Kotak Alternate Asset Managers , added, "India is the third largest API manufacturer in the world, known for its chemistry capabilities and cost-competitive manufacturing. We are thrilled to back the management and operating team of Matrix as they pursue their global ambitions."