The Economic Times

Mumbai : Private equity firm Advent International on Friday announced that it has completed the acquisition of a majority stake in Suven Pharma.
Advent acquired a 50.1% stake in the Hyderabad-based listed contract development and manufacturing (CDM) company, promoted by Venkat Jasti and his family, for ₹6,313 crore at ₹495 per share. Advent will also launch an open offer for an additional 26% of the company, taking the potential investment to ₹9,589 crore, one of the biggest in the Indian CDM 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. Suven Pharma will be led by a management team comprising executive chairman Annaswamy Vaidheesh, managing director V Prasada Raju, and CEO Sudhir Kumar Singh, to drive global growth as the company aims to become a top CDM player.
“We are delighted to enter the value creation phase of our journey with the appointment of an experienced management team,” said Shweta Jalan, managing partner at Advent International.