Multi-sector investment firm IQuest Enterprises will acquire the active pharmaceutical ingredients (API) business of Viatris in India for an undisclosed amount.

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The investment firm has entered into a definitive agreement to acquire the API operations of global pharmaceutical major Viatris in India, IQuest Enterprises said in a statement on Monday.

IQuest emerged as the preferred investor following a global competitive bid, it added. As part of the deal, the company will acquire six API manufacturing facilities, three each in Vizag and Hyderabad, an R&D facility in Hyderabad, and third-party API sales.

"We are excited about our largest investment in the pharmaceutical sector till date. Our investment comes at an opportune time when India is drawing significant attention amongst the global pharma industry," IQuest Enterprises Executive Director Gunupati Swathi Reddy noted.

IQuest Enterprises is a multi-sector investment company. It has invested in various entities like AIG Hospitals, CARE Hospitals, and Celon Laboratories.

In a separate statement, US-headquartered Viatris stated that it has executed an agreement to divest its API business in India to IQuest Enterprises. Viatris will, however, retain some selective R&D capabilities in API, it stated.

The transaction is expected to close in the first quarter of 2024.