Global private equity firm Carlyle said it has set up a generic pharmaceutical platform in the country by partnering with Viyash Life Sciences.

Viyash was set up by Dr. Hari Babu in partnership with Dr. Srihari Raju Kalidindi. Viyash is a leading manufacturer of API (active pharmaceutical ingredients) intermediates with a strategy to consolidate other pharma intermediates, API and formulation assets to create an integrated offering for large generics customers. Dr. Hari Babu was previously Global COO of multinational pharmaceutical company Mylan and CEO of Mylan India, while Dr. Srihari co-founded and was previously the Executive Director of Indian pharmaceutical company Laurus Laboratories.

Carlyle commenced its partnership with Viyash in June 2021, when the company acquired a controlling stake in Symed Labs, a leading manufacturer of niche APIs to enable backward integration.  Viyash has also acquired a controlling stake in Appco Pharma LLC, US, a formulations player focused on the US market which will help expand access to the US generics market and formulation capabilities.

With these acquisitions, Viyash has ten manufacturing facilities in India with a combined capacity of 2000 KL as well as one formulation facility in US, and is now one of India’s leading mid-tier integrated API and formulation players. The majority of the sites are US FDA approved for API or Intermediates and are capable of servicing both regulated and semi-regulated markets. 

Neeraj Bharadwaj, Co-head - Asia Healthcare and India, Carlyle Asia Partners, commented, “As the largest provider of generics in the world, India has solidified its position as a pharma hub. There continues to be significant potential in the market which we believe can be captured through targeted consolidation of complementary players in the generics industry. We are excited to be combining the expert guidance of Dr. Hari  and Dr. Srihari, who along with the management team have a proven track record of integrating assets and running large global companies, with Carlyle’s significant sector expertise both in India and globally.“

Dr. Hari CEO, Viyash platform, commented, “We are delighted to partner with Carlyle at this exciting time for the Indian pharma industry. Viyash will focus on providing global formulation players with end to end manufacturing capabilities. Our next phase will be to drive further integration and growth opportunities across the three businesses.”

“Carlyle’s global healthcare expertise and network of portfolio companies, coupled with our industry knowledge and experience, will help us create significant value for the platform,” added Dr. Srihari, COO of the integrated platform.

Carlyle has a well-established history of investing in the healthcare sector, both in India and globally, fueled by a deep understanding of the market and an ability to create value through its operational expertise and close partnerships with management.

Its healthcare investments in India include SeQuent Scientific, Piramal Pharma, Indegene, Metropolis, Medanta and Visionary RCM Infotech.