Advent to acquire 50.1% stake in Suven Pharma
By MYBRANDBOOK
Advent International will acquire a 50.1% stake in Suven Pharmaceuticals for about Rs 6,300 crore, with an aim to merge the drugmaker with a portfolio company, Cohance Lifesciences. The merger of Cohance with Suven would help in building a leading Clinical Drug Development and Manufacturing (CDMO) and merchant Active Pharmaceutical Ingredient (API) player, servicing the pharma and specialty chemical markets.
Cohance, wholly-owned by Advent, was set up to create a new brand identity for its CDMO and API platform and to bring together three Advent portfolio companies – RA Chem Pharma, ZCL Chemicals and Avra Laboratories.
Venkateswarlu Jasti, Managing Director at Suven Pharmaceuticals said that the proposed merger with Cohance will help the companies offer a broader set of services. He added, “Advent is the ideal partner for us, with deep expertise in healthcare, and a global network of professionals and experts. Their experience and resources will launch the next phase of growth for Suven.”
Following the deal, Advent International will hold a majority stake in the pharmaceutical company. As part of the transaction, Advent will also be making an open offer to acquire an additional 26% stake from public shareholders.
Advent International Managing Director Pankaj Patwari said, “Our vision for Suven is to build a $1-billion global leader by executing effectively on the product pipeline, building new marquee customers, turbo-charging business development and scaling up manufacturing and R&D. The combined entity (Suven and Cohance) will have three massive growth vectors across pharma CDMO, speciality chemicals and merchant API, each of which have strong macro tailwinds. We will also look at acquiring synergistic businesses globally, to further build capabilities and gain new customer access.”
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