Matrix Laboratories founder Nimmagadda Prasad purchased the active pharmaceutical ingredients (API) company he sold to Mylan NV (now Viatris) in 2006 for an undisclosed sum.

According to a statement made on Oct 2 by Viatris, the acquisition was completed through IQuest Enterprises, which Prasad owns. Viatris' most recent acquisition includes three manufacturing sites and a research and development facility in Hyderabad, three manufacturing sites in Vizag, and third-party API sales. In API, the corporation will keep some specific R&D skills. According to the announcement, the transaction is expected to finalize in the first quarter of 2024.

Viatris has also signed a deal with Insud Pharma, a renowned Spanish multinational pharmaceutical firm, to divest its women's healthcare business, particularly linked to oral and injectable contraceptives.

The transaction includes two manufacturing facilities in India - one in Ahmedabad and one in Sarigam, said the statement.

According to the statement, the entire deal size of API and women's health company was around $1.2 billion.

Viatris sold its non-core India assets, including the API company and the women's healthcare business Famy Care, last year. However, as ET revealed in March, the API selling process has seen no serious purchasers. According to ET, the corporation is seeking a valuation of $600-$700 million (5,000 crore) for its API business and has recruited Jefferies to manage the sale process.

Viatris was formed in 2019 by the merger of Mylan NV and Upjohn, a division of Pfizer. Mylan purchased Famy Care, a women's healthcare company, from the Taparia family in 2015 for $800 million as part of an effort to extend its women's care portfolio.