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Wednesday, August 30, 2006

Nimmagadda Prasad

Nimmagadda Prasad is in the news when he successdfully completed sale of Matrix Labs to Mylan Laboratories In c of USA. When he and his co-promoters invested close to Rs 6 crore for acquiring the loss-making Matrix Laboratories Ltd, they would not have never imagined that there could be a windfall six years down the line. Prasad, executive chairman of Matrix, netted over Rs 569 crore by divesting 12.1 per cent stake (1.86 crore equity shares) in the company to US generics major Mylan today. He still holds 5 per cent (about 77 lakh shares), worth about Rs 235 crore, in Matrix. No wonder he is rated as the fastest wealth generator in Pharma.
Born into an army officer's family, Mr Prasad had his education in Hyderabad and Delhi, and earned masters degrees in science and business administration. Starting his career in 1984 as a management trainee in Delhi in Indian Molasses Co., an associate of United Molasses Co of the UK, he joined Rhone-Poulenc Chemicals (India) Ltd., which is now part of sanofi aventis in 1989, where he was made regional sales manager in Hyderabad. Mr Prasad joined Vorin Laboratories as general manager (marketing) in 1993 and rose to the position of managing director in 1995. When Ranbaxy acquired a controlling stake in Vorin Laboratories in 1999, Mr Prasad was reappointed as senior MD and CEO. Mr Prasad became the chairman and CEO of Matrix Laboratories, after it was acquired by the present management. Subsequently, he took over the position of executive chairman of the company, appointing a CEO who had worked earlier with Sandoz and Novartis. Mr Prasad is credited with turning around loss-making companies that Matrix acquired - Medicorp, Fine Drugs & Chemicals and Vera Laboratories.

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