Advent To Buy Significant Stake in Suven Pharma 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
By Shrabona Ghosh •
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Advent International, a global private equity investor, has entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals subject to regulatory approvals and conditions. Post this 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.
As part of the transaction, Advent will also be making an open offer to acquire additional 26 per cent 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 a business with industry leading growth and margins. We have cultivated excellent relationships with multiple global innovator companies backed by deep R&D capabilities and demonstrated track record of execution and delivery excellence. 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 the 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 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 plan to build on Suven's capabilities and make it one of the global leaders in the CDMO space. We intend to explore a merger of Cohance with Suven in a manner which is synergistic and accretive for Suven's shareholders." said Shweta Jalan, managing partner and head of Advent International in India.
Cohance Lifesciences, 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.
