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PNN
Hyderabad (Telangana) [India], October 2: IQuest Enterprises has entered into a definitive agreement to acquire the API operations of global pharmaceutical major Viatris in India. IQuest emerged as the preferred investor following a global competitive bid. The said operations include a total of six large scale API manufacturing facilities, three each in Vizag and Hyderabad, a R&D facility in Hyderabad as also third-party API sales. A significant part of the team at IQuest Enterprises was involved with some of the present facilities when it was operating as part of Matrix Labs which was divested in 2006 to Mylan. Subsequently in 2020 Mylan was merged with another entity to be renamed as Viatris. This acquisition will also mark the return of Nimmagadda Prasad to the pharma industry after a 17-year hiatus. Commenting on the development, Gunupati Swathi Reddy (daughter of Nimmagadda Prasad), 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. IQuest Enterprises is a multi-sector investment company with a proven track record of pharmaceutical and healthcare investments. The investments include AIG Hospitals, CARE Hospitals and Celon Laboratories among others. The Chief Advisor and Patron of IQuest Enterprises, Nimmagadda Prasad, has been a serial entrepreneur having developed significant businesses to scale and creating enhanced shareholder value. Some of these businesses include Matrix Laboratories (divested in 2006), CARE Hospitals (divested in 2012) and Maa TV (divested in 2015). (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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