Matrix Pharma Gets Rs 1,445 Crore Investment From Kotak Alternate Asset Managers

Kotak Alternate Asset Managers Ltd. announced on Tuesday that they have provided Rs 1,445 crore to Matrix Pharma using a mix of debt and equity to support the pharmaceutical company in completing an acquisition.

Following the acquisition of Vaitris' active pharmaceutical ingredient business, Matrix is set to become the second largest Indian API provider with a strong presence in antiretroviral APIs, according to an official statement.

Matrix will also have the opportunity to utilize robust research and development resources, which consist of more than 185 scientists and 600 DMF (drug master file) submissions. Having obtained regulatory endorsements in the US and EU, the company can benefit from its established partnerships with leading pharmaceutical companies worldwide.

"Kotak Alt will enable Matrix to consolidate its leadership in the API business by strengthening its third-party sales and will selectively evaluate inorganic opportunities in the pharma contract development and manufacturing organization space," the statement said.

Kotak Alt's managing director Srini Sriniwasan said the transaction should be seen as being demonstrative of the entity's deal sourcing and structuring abilities, and also its strength in the pharma sector.

Eshwar Karra, the chief executive of Kotak Alt entity Kotak Strategic Situations Fund, said it will support the global ambitions of the team and added that India is the 3rd largest API manufacturer in the world given its chemistry capabilities and cost- competitive manufacturing.

(With inputs from PTI)