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Advent International (Advent), one of the largest and
most experienced global private equity investors, has entered into a definitive agreement to acquire significant stake in Suven Pharmaceuticals(Suven Pharma or Suven) from the Jasti family, subject to regulatory approvals and conditions.
Post acquisition, Advent intends to explore the merger of its portfolio company, Cohance Lifesciences (Cohance) with Suven, to build a leading end-to-end CDMO and merchant API player servicing the pharma and specialty chemical markets.
The merger will be evaluated by the board taking into consideration the strategic rationale and accretiveness to Suven's public shareholders and will be subject to regulatory approvals and other customary approvals.
As part of the transaction, Advent will also be making an open offer to acquire additional 26% of the outstanding equity shares of the company from the public shareholders.
Cohance Lifesciences (www.cohance.com), wholly owned by Advent, was formed in November 2022 to create a new brand identity for its CDMO and API platform, with an intention of bringing together three Advent portfolio companies – RA Chem Pharma, ZCL Chemicals and Avra Laboratories. Cohance's two business units, CDMO and API+, cater to
development and manufacturing for pharma and specialty chemical innovators, and leading global generic companies with complex product requirements respectively. It has seven manufacturing facilities. Cohance recorded a total proforma revenue of Rs 1,280 crore (FY 2021-22) and has grown at a market leading >21% CAGR organically in the last two years.
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