Suven Pharmaceuticals board approves acquisition of Casper Pharma for $20.5 million

6 Apr 2022 , 01:23 PM

Suven Pharmaceuticals Ltd has approved the investments by way of purchase of entire (100%) share capital from the existing shareholders of Casper Pharma Private Limited (“CPPL”) a Hyderabad based SEZ company engaged in formulations business. Post purchase of shares, the target entity would become a wholly owned subsidiary of SPL.

As per the regualtory filing, the present manufacturing facility of target entity i.e., Casper Pharma Private Limited has installed capacity of 1.2 Bn tablets/ capsules. The company is ready for USFDA inspection which is expected to happen within next 6 months’ timeframe.

The Unit is yet to reach its commercially viable operations. As such the turnover details are not available to disclose.

The acquisition consideration will be USD 20.50 million based on the present exchange rate equivalent to around Rs155 crore will be paid to the sellers of the shares in target entity.

At around 1:30 PM, Suven Pharmaceuticals was trading at Rs607.30 per piece lower by 0.78% on Sensex.