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Suven Life Sciences Ltd has entered into an agreement to buy the assets of Aceto Corporation’s Rising Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc.
In a release issued here, Hyderabad-based biopharma company and a provider of contract research and manufacturing services (CRAMS), said it has completed a ‘stalking horse’ asset purchase agreement of Rising Pharmaceuticals.
“This potential acquisition of Rising’s assets will transform Suven Pharma into a strong US generic pharmaceutical company,” Venkat Jasti, Chief Executive Officer and Chairman, Suven Life, said.
“Leveraging Rising’s extensive product portfolio to become virtually integrated with Suven’s API and finished dose manufacturing capabilities will enable us better serve US customers,” he added.
“The opportunity to work with Rising’s suppliers and employees to ensure continuity of product supply to customers in connection with this proposed integration will be our top priority,” Vimal Kavuru, who will serve as CEO of Shore Suven Pharma, said.
The company did not disclose the cost of acquisition.
The deal is subject to court approved bidding process as per norms under US Bankruptcy Code.
Shore Suven Pharma is a joint venture between Suven Life Sciences and Shore Pharma Investments, LLC, USA.
Subsidiary
In a separate regulatory filing with BSE, Suven said the board of directors has approved the creation of a wholly-owned subsidiary, Suven Pharma Inc, a Delaware company in the US, under CRAMS division.
It also approved an investment of $75 million in the proposed subsidiary to be created for new business opportunities and acquisitions, etc.
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