Suven Life JV to acquire assets of Aceto Corp's Rising Pharma

This potential acquisition of Rising’s assets would transform Shore Suven Pharma into a strong US generic pharmaceutical company, Venkat Jasti said.

Mar 08, 2019 11:03 IST India Infoline News Service

Suven Life Sciences
Suven Life Sciences has entered into a “stalking-horse” asset purchase agreement to buy the assets of Aceto Corporation’s Rising Pharmaceuticals and Rising subsidiaries through its joint venture partner Shore Suven Pharma, Inc., subject to Court-approved bidding process under Section 363 of US Bankruptcy Code.Shore Suven Pharma, Inc. is a joint venture between Suven Life Sciences and Shore Pharma Investments, LLC of USA.

“We are very pleased to have completed a “stalking-horse” asset purchase agreement of Rising Pharmaceuticals through our joint venture partner, Shore Suven Pharma, Inc. 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,” said Venkat Jasti, CEO & Chairman of Suven Life Sciences.

“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 our top priority. We have an exceptional generic pharmaceutical management team ready to facilitate a smooth transition while maximizing the value of these assets. We look forward to working towards a successful closing,” said Vimal Kavuru, who will serve as CEO of Shore Suven Pharma.

Suven Life Sciences Ltd is currently trading at Rs269.05 up by Rs2.25 or 0.84% from its previous closing of Rs266.80 on the BSE. The scrip opened at Rs269.85 and has touched a high and low of Rs275 and Rs267.50 respectively.

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