The Competition Commission of India has approved Berhyanda Ltd.'s acquisition of 76.1% of voting share capital in Suven Pharmaceuticals Ltd.
The CCI, in an order dated April 20, said that the acquisition would be by way of a share purchase agreement dated Dec. 26, 2022. It would also be pursuant to the mandatory open offer in compliance with the Securities and Exchange Board of India Takeovers Regulations.
Berhyanda Ltd. is a wholly owned subsidiary of Berhyanda Midco Ltd., which is in turn a subsidiary of Jusmiral Midco Ltd. Jusmiral Midco is collectively controlled by the Advent International GPE IX Funds and the Advent International GPE X Funds, managed by Advent International Corporation.
Suven Pharma, a listed biopharmaceutical company incorporated in 2018, is an integrated contract development and manufacturing organisation that offers its services to global pharmaceutical and agrochemical majors in their innovation endeavours.
It also exports its manufactured active pharmaceutical ingredients and advanced drug intermediates to markets outside of India.
In December 2022, Suven Pharma disclosed through an exchange filing that the global private equity investor Advent International had agreed to buy 50.1% of the company in a deal worth more than Rs 9,500 crore. It was then being explored through Advent International's wholly owned portfolio company, Cohance Lifesciences.
More details with regards to the agreed transaction amount and other details pertaining to the acquisition of 76.1% of the company are awaited.
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