Suven Pharmaceuticals on Tuesday said wholly owned U.S. subsidiary Suven Pharma Inc. had divested its entire 25% stake in U.S. firm Rising Pharma Holdings Inc to Raisin Aggregator, L.P. USA, an arm of global alternative investment firm H.I.G. Capital.
The divestment is for a cash consideration of nearly $40.6 million and 7% stake in Raisin Aggregator valued at $15.8 million, Suven said.
H.I.G. is partnering with the current management of Rising Pharmaceuticals, a leading firm in the generic and specialty pharmaceuticals space in the U.S., to continue the company’s strong track record for growth and to support new initiatives such as mergers and acquisitions and new product launches. H.I.G. has made a strategic equity investment in Rising Pharma Holdings and Casper Pharma (collectively Rising Pharmaceuticals). Suven Pharma Inc. will become an investor in the new company as part of deal, the company said in a release.
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Suven Pharmaceuticals chairman and MD Venkat Jasti said that the partnership with HIG Capital would create new business opportunities for Suven.