US Pharma Giant Viatris Inks Deals To Sell India Business For $1.2 Bln
PITTSBURGH, PA (IANS) – Viatris (formerly known as Mylan Inc) has finalized two deals in India to divest its API (active pharmaceutical ingredients) and women’s healthcare businesses for a combined consideration of around $1.2 billion, the healthcare company said on Monday.
The US headquartered global healthcare company has centers in Pittsburgh, Shanghai, and Hyderabad.
Viatris has executed an agreement to divest its API business in India to Iquest Enterprises, a Hyderabad-based pharmaceutical company owned by Nimmagadda Prasad, the founder of Matrix Laboratories.
The transaction includes three manufacturing sites and an R&D lab in Hyderabad, three manufacturing sites in Vizag and third-party API sales. However, Viatris will retain some selective R&D capabilities in API.
The women’s healthcare business, which primarily relates to oral and injectable contraceptives, has been sold to Insud Pharma, a leading Spanish multinational pharmaceutical company. The deal includes two manufacturing facilities in India: one in Ahmedabad and the other in Sarigam.
Both the India deals are expected to close in Q1 2024, according to the Viatris statement. Jefferies and the law firm Saraf & Partners were the advisors for the deal.