Private equity firm Advent International has announced a new board of directors and management team at Suven Pharma, having completed the acquisition of the Hyderabad-based contract development and manufacturing organisation (CDMO).
The company will be led by a management team comprising ex-GlaxoSmithKline head Annaswamy Vaidheesh, who will be Suven’s Executive Chairman, Dr V Prasada Raju as Managing Director and Dr Sudhir Kumar Singh as Chief Executive Officer.
Suven founder Venkateswarlu Jasti is on an advisory council, along with Abhijit Mukherjee, Ex-COO Dr Reddy’s; James Mullen, Ex-President and CEO of Patheon and Biogen; and Stefan Stoffel, Ex COO of Lonza.
Last December, Advent International had agreed to acquire a 50.1 per cent stake in Suven Pharmaceuticals from the Jasti family for ₹6,313 crore, inking one of the largest pharma deals in recent years. The acquisition was at Rs 495 per share.
An open offer for the remaining 26 per cent stake will be triggered within stipulated timelines, Advent said late on Friday. Last year, the PE firm had said it would fork out an additional ₹3,276 crore for these outstanding equity shares of the company from public shareholders.
As a majority stakeholder, Advent plans to foster Suven’s capabilities to become a CDMO player globally, it said.
Along with Vaidheesh and Dr Prasada Raju - Pankaj Patwari, Managing Director at Advent, will also join the board of directors, along with three independent directors: K.G Ananthakrishnan, Ex-MD MSD India and Ex-Director General of OPPI, and Chairman of PNB; Matangi Gowrishankar, Ex-BP Global Head of Capability Development, and Ex-Director of Human resources, Castrol India, Strategic Advisor and Certified Coach; and Vinod Rao, Ex-Global Treasurer and Head of Investor Relations for Diageo and ex-CFO PepsiCo Asia Pacific, and Board member at Eureka Forbes.
Giving details of the management team, the statement said. Vaidheesh has over 35 years of experience, including as Managing Director of GSK India, President of OPPI (Organization of Pharmaceutical Producers of India), and J&J Asia Pacific in senior regional leadership positions, a note from Advent said. Dr Prasada Raju, Managing Director, has over 29 years of experience in the pharmaceutical industry, with leadership roles at Cohance Life Sciences, Granules India and Dr Reddy’s Laboratories. Dr Sudhir Kumar Singh, an industry veteran, was ex-COO at Aragen Life Sciences for more than ten years.
Executive Chairman Vaidheesh said they would leverage the expertise, resources across Advent, and the Suven team’s proven capabilities to deliver high-quality services to Suven’s customers worldwide. “Our vision for Suven is to build a global leader by executing effectively on our pipeline, deepening our customer relationships, building new marquee customers, and scaling up manufacturing and R&D Capabilities,” added Pankaj Patwari, Managing Director at Advent International.