Advent acquires 50.1% in Suven Pharma, open offer for additional 26% ahead 

September 29, 2023 10:57 pm | Updated 10:58 pm IST - HYDERABAD

Private equity investor Advent International on Friday said it has completed acquisition of 50.1% stake in contract development and manufacturing firm Suven Pharma at the agreed price of ₹495 per share.

Consequently, an open offer for the remaining 26% of stake will be triggered within stipulated timelines. The required details will be announced soon, Advent said in a release that also announced the new board of directors and management team at Suven Pharma.

The management team comprises Annaswamy Vaidheesh (Executive Chairman), V.Prasada Raju (Managing Director) and Sudhir Kumar Singh (Chief Executive Officer).

“Our new leaders are stalwarts of the industry... to deliver on the ambitious vision we have set out for Suven,” said Shweta Jalan, Managing Partner at Advent International.

Advent plans to foster Suven’s capabilities to help it become one of the leading companies in the CDMO space globally. In December 2022, it had said post acquisition a merger of Suven Pharma with portfolio company Cohance Lifesciences would be evaluated to build a leading end-to-end CDMO and merchant API player servicing the pharma and speciality chemical markets.

In addition to the new management team, Suven has appointed an Advisory Council consisting of Suven Pharma and Suven Lifesciences founder Venkateswarlu Jasti; former COO of Dr. Reddy’s Laboratories Abhijit Mukherjee; former President and CEO of Patheon and Biogen James Mullen and former COO of Lonza Stefan Stoffel.

Earlier this month, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi had approved the FDI proposal for foreign investment of up to ₹9,589 crore in Suven Pharmaceuticals by Berhyanda Limited, Cyprus. The approval was for acquisition of up to 76.1% equity in Suven by way of transfer of shares of from existing promoter shareholders and public shareholders through mandatory Open Offer. The aggregate foreign investment is expected to increase up to 90.1% in Suven Pharma, an official note on the CCEA approval said.

Investments in Berhyanda are held by Advent Funds, which pool investments from various Limited Partners (LPs). Advent Funds are managed by U.S.-based Advent International Corporation.

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