Berhyanda made an offer to acquire 26% stake or 66.2 million shares of Suven Pharmaceuticals for Rs 495 per share on 26 December 2022.

In a related transaction, Advent International Corporation entered into a share purchase agreement to acquire 50.1% stake in Suven Pharmaceuticals from Jasti Family for Rs 6,300 crore.

Approving the said acquisition, India's competition regulator said: "The proposed combination relates to acquisition by Berhyanda Limited (acquirer) for up to 76.10% of the voting share capital of Suven Pharmaceuticals Limited (target), by way of a share purchase agreement dated 26 December 2022 and pursuant to the mandatory open offer in compliance with the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”

Berhyanda is the wholly owned subsidiary of Berhyanda Midco Limited, i.e., in turn the wholly owned subsidiary of Jusmiral Midco Limited, which is collectively controlled by the Advent International GPE IX Funds and the Advent International GPE X Funds, which are ultimately managed by Advent International Corporation.

Suven Pharmaceuticals a bio-pharmaceutical company. It is an integrated contract development and manufacturing organization and offers its services to global pharmaceutical and agrochemical majors in their innovation endeavors. It also exports its manufactured APIs and advanced drug intermediates to markets outside of India.

The company had reported 20.09% fall in net profit to Rs 109.46 crore on 11% decline in net sales to Rs 348.49 crore in Q3 FY23 over Q3 FY22.

The scrip rose 0.19% to currently trade at Rs 472.50 on the BSE.