PE Advent completes acquisition of Suven Pharma, appoints new Board and management team

economictimes.indiatimes.com:

Advent International on Friday announced the completion of its majority acquisition of Hyderabad-based listed contract development and manufacturing organisation (CDMO) Suven Pharma.

Advent acquired 50.1% stake in Suven at an agreed price of Rs 495/share in December last year a firm promoted Venkat Jasti and his family members for Rs 6,313 crore paying ₹495 per share.

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Advent will also launch an open offer for an additional 26% of the company, taking the potential investment to Rs 9589 crore, one of the biggest in the Indian CDMO sector.

The government early this month cleared the acquisition.

The private equity firm on Friday has also announced the new Board of directors and management team for Suven Pharma.

Suven Pharma will be led by a management team comprising Annaswamy Vaidheesh, executive chairman, V Prasada Raju, managing director and Sudhir Kumar Singh, chief executive officer to drive Suven Pharma's global growth as it aims to become a top CDMO player.

Annaswamy Vaidheesh, a pharmaceutical veteran with over 35 years of experience, including as MD of GSK India, and earlier was with J&J Asia Pacific in senior regional leadership positions.

Prasada Raju, has over 29 years of experience in the pharmaceutical industry, with leadership roles at Cohance Life Sciences, Granules India Ltd. and Dr Reddy's Laboratories. Dr Sudhir Kumar Singh, a reputed industry veteran who was the ex-COO at Aragen Life Sciences for more than 10 years, joins as the CEO of Suven Pharma.

“We are delighted to enter the value