Hyderabad, Oct 2 (IANS): IQuest Enterprises has entered into a definitive agreement to acquire the API operations of global pharmaceutical major Viatris in India for an undisclosed amount.

The Hyderabad-based multi-sector investment company emerged as the preferred investor following a global competitive bid.

The acquired operations include a total of six large scale API (Active Pharmaceutical Ingredient) manufacturing facilities, three each in Visakhapatnam and Hyderabad, an R&D facility in Hyderabad as also third-party API sales, the company announced on Monday.

According to sources, the turnover of the six plants is Rs 6,000 crore. 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.

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.

Commenting on the development, Gunupati Swathi Reddy, Executive Director, IQuest Enterprises said that their investment comes at an opportune time when India is drawing significant attention amongst the global pharma industry.

IQuest Enterprises is a multi-sector investment company with a track record of pharmaceutical and healthcare investments. The investments include AIG Hospitals , CARE Hospitals and Celon Laboratories among others.