Advent International to purchase significant stake in Suven Pharma, plans merger with Cohance Lifesciences

Mumbai: Advent International has entered into a definitive agreement toacquire significant stake in Suven Pharmaceuticals from the Jastifamily, subject to regulatory approvals and conditions. Post the completion of this acquisition, Advent intends to explore the merger of its portfolio company, CohanceLifesciences with Suven, to build an end-to-end CDMO and merchant APIplayer servicing the pharma and specialty chemical markets.

The merger will be evaluated bythe board taking into consideration the strategic rationale and accretiveness to Suven's publicshareholders 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 an additional 26%of the outstanding equity shares of the company from the public shareholders.

"We are delighted to bring Advent into Suven Pharma as a strategic investor. We have built abusiness with industry-leading growth & margins. We have cultivated excellent relationshipswith multiple global innovator companies backed by deep R&D capabilities and demonstratedtrack record of execution and delivery excellence. Advent is the ideal partner for us, with deepexpertise in healthcare, and a global network of professionals and experts. Their experienceand resources will launch the next phase of growth for Suven pharma. This move will benefitSuven platform immensely. The proposed collaboration with Cohance is a win-win for Suvenand its public shareholders. It will help us offer a broader set of services and multi-sites to ourcustomers" said Mr. Venkateswarlu Jasti, Managing Director at Suven Pharmaceuticals Ltd.

"We are extremely pleased with this win-win transaction. We believe that Suven is a world-class CDMO with a credible track record and a great roster of clientele to its name. We planto build on Suven's capabilities and make it one of the global leaders in the CDMO space. Weintend to explore a merger of Cohance with Suven in a manner which is synergistic andaccretive for Suven's shareholders." said Ms. Shweta Jalan, Managing Partner and Head ofAdvent International in India.

"Our vision for Suven is to build a $1 billion global leader, by executing effectively on theproduct pipeline, building new marquee customers, turbo-charging business development,and scaling up manufacturing and R&D. We will also look at acquiring synergistic businessesglobally, to further build capabilities and gain new customer access," said Mr. Pankaj Patwari,Managing Director at Advent International.

Read also: Suven Life Sciences plans to raise up to Rs 400 crore through rights issue