IQuest Enterprises, a multi-sector investment firm, entered into a binding deal to buy Viatris’ API (Active Pharmaceutical Ingredient) activities in India.

According to the statement, IQuest emerged as the preferred investor following a global competitive offer.

The operations comprise six large scale API manufacturing plants, three in Visakhapatnam and three in Hyderabad, a research and development facility in Visakhapatnam, and third-party API sales.

When IQuest Enterprises was part of Matrix Labs, which was sold to Mylan in 2006, a substantial portion of the crew was involved with some of the current facilities. Following that, in 2020, Mylan was amalgamated with another firm, which was renamed Viatris. This acquisition will also signal Nimmagadda Prasad’s comeback to the pharmaceutical sector after a 17-year absence.

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Prasad is a serial entrepreneur who has scaled big enterprises (Matrix Laboratories and CARE Hospitals) while increasing shareholder value.

Commenting on the development, Gunupati Swathi Reddy, Executive Director, IQuest Enterprises said, “We are excited about our largest investment in the pharmaceutical sector till date. Our investment comes at an opportune time when India is drawing significant attention amongst the global pharma industry. It is also a happy homecoming, in more ways than one, for some of us who have been part of the journey over the last two decades.”

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