Suven Pharma Gets New Board After Acquisition By Advent International
Private equity firm Advent International has acquired 50.1% stake in Suven Pharma at an agreed price of Rs 495/share.
Global private equity firm Advent International on Friday announced a new board and management of Suven Pharmaceuticals after completing the acquisition of a majority stake in the domestic drug maker.
Suven Pharma will be led by a management team comprising Annaswamy Vaidheesh (Executive Chairman), Dr V Prasada Raju (Managing Director) and Dr Sudhir Kumar Singh (Chief Executive Office), Advent International said in a statement filed on BSE by Suven Pharma.
In terms of the Board of Directors, along with Vaidheesh and Raju, Pankaj Patwari, Managing Director at Advent, will also join the team, it added.
Suven will also have 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; Vinod Rao, former head of investor relations at Diageo and ex-CFO PepsiCo Asia Pacific.
Advent acquired a 50.1 per stake in Suven at an agreed price of Rs 495/share.
The deal to acquire the stake from erstwhile promoters Jasti family for Rs 6,313 crore was announced in December last year.
Advent said an open offer for the remaining 26 per cent stake will be triggered within stipulated timelines.