PE fund Advent to buy Suven Pharma

Mumbai, December 26

Global private equity (PE) investor Advent International on Monday said it is acquiring a significant stake in Suven Pharmaceuticals from its promoters, the Jasti family.

Rs 6,300-cr buyout

• Reports pegged the acquisition at Rs 6,300 crore, and that Advent had pipped rival Blackstone for the acquisition
• The PE major said this will be followed with an open offer to acquire 26% more from public shareholders

The PE major said this will be followed with an open offer to acquire 26% more in the listed contract development and manufacturing organisation from public shareholders, and also merge the company with investee company Cohance Lifesciences, according to an official statement.

Media reports pegged the acquisition at Rs 6,300 crore, and that Advent had pipped rival Blackstone for the acquisition.

The Advent statement said it has entered into a definitive agreement to acquire significant stake in Suven subject to regulatory approvals and conditions.

It intends to explore the merger of portfolio company Cohance with Suven to build a leading end-to-end Contract Development and Manufacturing Organisation (CDMO) and merchant Active Pharmaceutical Ingredient (API) player servicing the pharma and specialty chemical markets, the statement added.