Hyderabad based biopharmaceutical company Suven Life Sciences Ltd which provides contract research and manufacturing services, has entered into an asset purchase agreement to buy the assets of US-based Aceto Corporation’s Rising Pharmaceuticals.
Suven Life Sciences through its joint venture partner, Shore Suven Pharma, Inc has entered into a “stalking-horse” asset purchase agreement to buy the assets of Aceto Corporation’s Rising Pharmaceuticals and Rising subsidiaries, Suven Life said in a regulatory filing.
Shore Suven Pharma Inc is a joint venture between Suven Life Sciences and Shore Pharma Investments LLC of USA. Aceto Corporation, on its website, mentioned that it will be selling the assets of Rising Pharmaceuticals and Rising’s subsidiaries for gross cash proceeds of $15 million (105 crore approximately).
“This potential acquisition of Rising’s assets would transform Shore Suven Pharma into a strong US generic pharmaceutical company. Leveraging Rising’s extensive product portfolio to become vertically integrated with our already world class API and finished dose manufacturing capabilities will enable us to better serve US customers,” Suven Life Sciences CEO and Chairman Venkat Jasti said.
Vimal Kavuru, who will serve as CEO of Shore Suven Pharma said 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 the company’s top priority.