According to Suven Pharmaceuticals Ltd., an Indian pharmaceutical company, private equity powerhouse Advent International will acquire a 50.1% ownership in the company from its promoter Jasti family and may explore merging it with another company in its portfolio.
Suven announced that Advent would extend its open offer to purchase up to 26% of the voting share capital held by public shareholders for 495 rupees per share. Early trading saw shares rise as much as 4.8% to 520 rupees.
The Hyderabad-based company added that Advent plans to investigate combining Suven with its fully owned Cohance Lifesciences to create a firm that focuses on contract research and manufacture as well as active pharmaceutical components.
‘Suven’s future growth phase will be launched by (Advent’s) expertise and resources… It would enable us to provide a wider range of services,’ In a statement, Suven Managing Director Venkateswarlu Jasti said.
Statistics from Refinitiv says, as of the most recent close, Suven had a market valuation of 126 billion Indian rupees ($1.52 billion), with the promoter Jasti Property and Equity Holdings Private Ltd controlling 60% of the shares.
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