In a significant development in the pharmaceutical industry, IQuest Enterprises Pvt Ltd, an investment firm based in Hyderabad and supported by Nimmagadda Prasad, widely known as ‘Matrix Prasad,’ has finalized an agreement to acquire the Indian API (active pharmaceutical ingredients) operations of global pharmaceutical giant Viatris. The deal, shrouded in secrecy regarding the transaction amount, marks Nimmagadda Prasad’s return to the pharmaceutical sector after a hiatus spanning 17 years. IQuest Enterprises successfully secured its position as the preferred investor through a competitive global bidding process for the API business, encompassing six large-scale API manufacturing facilities, three of which are situated in Vizag, and the remaining three in Hyderabad. Additionally, the acquisition includes a research and development facility located in Hyderabad, along with third-party API sales.
Interestingly, a notable portion of the team at IQuest Enterprises previously had associations with these facilities during their tenure under Matrix Labs, before the business was divested to the U.S.-based generics company Mylan in 2006. Subsequently, Mylan underwent a merger with another entity, leading to its rebranding as Viatris in 2020.
Commenting on this significant development, Gunupati Swathi Reddy, the executive director of IQuest Enterprises and daughter of Nimmagadda Prasad, expressed her enthusiasm, stating, “We are thrilled about our most substantial investment in the pharmaceutical sector thus far. Our investment coincides with a time when India is gaining substantial recognition within the global pharmaceutical industry.” She further emphasized the sentimental value of this acquisition, saying, “It also marks a joyful homecoming, in more ways than one, for some of us who have been part of this journey over the past two decades.”
IQuest Enterprises has an impressive portfolio of investments within the pharmaceutical and healthcare sectors, which includes stakes in AIG Hospitals, CARE Hospitals, and Celon Laboratories, among other ventures. Nimmagadda Prasad, a serial entrepreneur with notable ventures such as Matrix Labs, CARE Hospitals, and Maa TV to his name, serves as the chief advisor and patron of IQuest Enterprises.
The acquisition of Viatris’ Indian API operations by IQuest Enterprises is poised to have a considerable impact on the pharmaceutical landscape in India. This move reaffirms India’s status as a global hub for pharmaceutical manufacturing and research and reflects the increasing interest and investment in the country’s pharmaceutical sector by both domestic and international entities. Nimmagadda Prasad’s reentry into the industry after nearly two decades highlights the potential for growth and innovation in India’s pharmaceutical market.
The acquisition is also expected to bolster IQuest Enterprises’ presence in the pharmaceutical industry, further diversifying its investment portfolio and contributing to the growth of the healthcare sector in India. With a strong team and a track record of successful ventures, IQuest Enterprises is well-positioned to navigate the complexities of the pharmaceutical business and contribute to India’s pharmaceutical excellence.
As the transaction details remain undisclosed, industry experts are keenly watching the developments surrounding this acquisition and its potential impact on Viatris’ global operations. Additionally, stakeholders in the pharmaceutical sector are closely monitoring the strategic moves of IQuest Enterprises and its future endeavors in India’s rapidly evolving healthcare landscape.
In conclusion, the acquisition of Viatris’ Indian API operations by IQuest Enterprises, backed by Nimmagadda ‘Matrix’ Prasad, signifies a significant milestone in India’s pharmaceutical industry. This strategic move holds the promise of driving growth, innovation, and expansion within the sector while reaffirming India’s position as a prominent player in the global pharmaceutical arena.
