Kotak Alt Invests Rs. 1,445 Cr in Matrix Pharma's API Business Acquisition

Kotak Alternate Asset Managers Limited (Kotak Alt) has invested Rs. 1,445 crore through its Kotak Strategic Situations Fund II to acquire the API business of Viatris by Matrix Pharma Private Limited. This acquisition positions Matrix Pharma as the second largest Indian player in the API sector, particularly in antiretroviral (ARV) APIs, bolstering its R&D capabilities with over 185 scientists and more than 600 Drug Master File (DMF) filings. Matrix Pharma will leverage its new regulatory approvals for the US and EU markets, enhancing collaborations with global pharmaceutical majors.

Srini Sriniwasan, Managing Director of Kotak Alt, highlighted the strategic significance of this acquisition, emphasizing Kotak Alt’s expertise in deal sourcing and structuring within the pharmaceutical industry. This move aims to strengthen Matrix Pharma’s leadership in APIs through expanded third-party sales and potential growth opportunities in the pharma contract development and manufacturing organization (CDMO) sector.

Eshwar Karra, CEO of Kotak Strategic Situations Fund, underscored India's position as the third largest API manufacturer globally, citing its robust chemistry capabilities and competitive manufacturing costs. Kotak Alt expressed confidence in supporting Matrix Pharma’s global aspirations and operational leadership.

Kotak Alternate Asset Managers Limited, a part of the Kotak Mahindra Group, specializes in managing alternative assets and investment advisory services since its inception in 2005. With a track record of managing over US$ 22 billion across various asset classes including private equity, real estate, infrastructure, and special situations, Kotak Alt continues to focus on strategic investments through funds like the Kotak Strategic Situations India Fund II, which is dedicated to providing capital solutions for growth-oriented companies in India.