02nd October, 2023: Global healthcare leader Viatris, (formerly known as Mylan), has taken a significant step towards its strategic goals by entering into agreements on October 1st to divest key business segments, including its Women's Healthcare and Active Pharmaceutical Ingredients (API) businesses. The total consideration for these divestments amounts to a substantial USD 1.2 billion.  

Viatris will be transferring its API business in India to Iquest Enterprises, a prominent Indian pharmaceutical company. This transaction encompasses three manufacturing facilities and a state-of-the-art R&D laboratory. In parallel, Viatris will divest its Women's Healthcare business, which primarily specializes in oral and injectable contraceptives, to Insud Pharma, a distinguished Spanish pharmaceutical enterprise. This divestiture will result in Viatris streamlining its business across India and abroad.

This multifaceted deal presented various intricacies, making it a distinctive transaction within the industry.

Saraf and Partners, played a pivotal role in facilitating and advising Viatris throughout the entire transaction. The Firm advised on every aspect of the transaction including overall deal structure, diligence support, regulatory compliance, as well as negotiation and finalization of the deal documents with the buyer. On account of criticality of the pharmaceutical sector for public health, the Firm ably identified business continuity issues and provided workable solutions to ensure no disruption occurs at the time of transition of business to buyers. Going forward the Firm will continue to support Viatris in the implementation of the transaction including completion of conditions precedents, satisfying closing and post-closing obligations.

The Saraf and Partners team was spearheaded by the Firm's Founder and Managing Partner, Mohit Saraf, along with Senior Partner Bikash Jhawar and Partner Nipun Vaid, all of whom were ably supported by Navomi Koshy (Principal Associate), Alex Koshy, and Srikari Kancherla (Associates).

Furthermore, Akshayy S Nanda (Partner) provided expert advice on competition-related aspects of the deal, while Sahil Arora (Partner) contributed insights on Foreign Direct Investment (FDI) considerations. Amit Gupta, a Partner with expertise in tax matters, offered guidance on the deal's tax-related aspects. Akshay Jain, another Partner, advised on employment law matters inherent to the transaction.

This divestment marks a significant milestone in Viatris' strategic journey, and Saraf and Partners takes immense pride in having been an integral part of this transformative transaction.