Mumbai (Maharashtra) [India], December 26 (ANI): Advent International on Monday said it has entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals from the Jasti family, subject to regulatory approvals and conditions. However, the company didn’t ascertain the amount of the deal.
As part of the transaction, Advent said it would also be making an open offer to acquire an additional 26 per cent of the outstanding equity shares of the company from the public shareholders.
When the acquisition completes, Advent intends to explore the merger of its portfolio company, Cohance Lifesciences with Suven, to build a contract development and manufacturing organisation (CDMO) and merchant active pharmaceutical ingredient (API) player servicing the pharma and speciality chemical markets, according to a statement shared by Suven with exchanges.
The merger will be evaluated by the board taking into consideration the strategic rationale and accretiveness to Suven’s public shareholders and will be subject to regulatory approvals and other customary approvals.
“We are delighted to bring Advent into Suven Pharma as a strategic investor. We have built a business with industry-leading growth and margins…Their experience and resources will launch the next phase of growth for Suven pharma. This move will benefit Suven platform immensely. The proposed collaboration with Cohance is a win-win for Suven and its public shareholders,” said Venkateswarlu Jasti, Managing Director, Suven Pharmaceuticals.
Suven Pharma, which was demerged from its parent entity, Suven Life Sciences, in 2020, is one of the leaders in the India pharma CDMO space with high growth and profitability, according to the Advent statement.
“We intend to explore a merger of Cohance with Suven in a manner which is synergistic and accretive for Suven’s shareholders,” said Shweta Jalan, Managing Partner and Head of Advent International in India.
Suven Pharma, which was demerged from its parent entity, Suven Life Sciences, in 2020, is one of the leaders in the India pharma CDMO space with high growth and profitability. (ANI)
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