Private equity investor Advent International on Monday confirmed that it has entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals. Advent intends to explore the merger of its portfolio company Cohance Lifesciences with Suven to build an end-to-end CDMO and merchant API player servicing the pharma and specialty chemical markets, the PE player said in an exchange filing.
Advent will also be making an open offer to acquire an additional 26 percent of the outstanding equity shares of the company from public.
“Advent is the ideal partner for us, with deep expertise in healthcare, and a global network of professionals and experts. Their experience and resources will launch the next phase of growth for Suven pharma. This move will benefit Suven platform immensely.
The proposed collaboration with Cohance is a win-win for Suven and its public shareholders. It will help us offer a broader set of services and multi sites to our customers” said Venkateswarlu Jasti, Managing Director of Suven Pharmaceuticals Ltd, in a statement.