Berhyanda Limited has received approval from the Competition Commission of India to acquire up to 76.10% of Suven Pharmaceuticals’ voting share capital. This acquisition has the potential to greatly impact the Indian pharmaceutical industry.
The Competition Commission of India (CCI) has approved the acquisition of up to 76.10% of the voting share capital of Suven Pharmaceuticals Limited by Berhyanda Limited. The proposed acquisition is by way of a share purchase agreement dated 26 December 2022 and pursuant to the mandatory open offer in compliance with the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2. Details of the proposed combination
The proposed combination relates to the acquisition by Berhyanda Limited, which is the wholly owned subsidiary of Berhyanda Midco Limited. Berhyanda Midco Limited is in turn the wholly owned subsidiary of Jusmiral Midco Limited. The company is collectively controlled by the Advent International GPE IX Funds and the Advent International GPE X Funds, which are ultimately managed by Advent International Corporation.
3. About the Target Company
Suven Pharmaceuticals Limited is a bio-pharmaceutical company incorporated on 6 November 2018. It is an integrated contract development and manufacturing organization that offers its services to global pharmaceutical and agrochemical majors in their innovation endeavors. The company also exports its manufactured APIs and advanced drug intermediates to markets outside of India.
4. Conclusion
The CCI has approved the proposed acquisition of Suven Pharmaceuticals Limited by Berhyanda Limited. The detailed order of the CCI will follow.
Article Written with Reference of PIB Delhi Updates
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