PE Fund Advent To Acquire Significant Stake In Suven Pharma; Merge It With Cohance Lifesciences
Summary
Global private equity investor Advent International on Monday said it is acquiring a significant stake in Suven Pharmaceuticals from its promoters, the Jasti family. Advent in a statement said it has entered into a definitive agreement to acquire significant stake in Suven Pharmaceutical, subject to regulatory approvals and conditions. According to the statement, it intends to explore the merger of portfolio company Cohance with Suven to build a leading end-to-end Contract Development and Manufacturing Organization (CDMO) and merchant active pharmaceutical ingredient (API) player servicing the pharma and specialty chemical markets. It does 90 per cent of its business with innovators and follows the customer from Phase 1 to commercialization, the statement said, adding that Cohance is fully owned by Advent and had a revenue of Rs 1,280 crore in FY22. Currently, it has invested/committed over USD 3.2 billion across 14 companies with headquarters or operations in India in sectors such as business and financial services, retail, consumer and leisure, healthcare, industrial and technology.