SUVEN LIFE Sciences Limited, a biopharmaceutical company provider of Contract Research and Manufacturing Services (CRAMS) for global life science companies , announced today that it 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 U.S. 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 U.S. customers," said Mr. 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 Mr. Vimal Kavuru, who will serve as CEO of Shore Suven Pharma.
Shares of SUVEN LIFE SCIENCES LTD. was last trading in BSE at Rs.266.8 as compared to the previous close of Rs. 252.4. The total number of shares traded during the day was 165918 in over 3432 trades.
The stock hit an intraday high of Rs. 272.85 and intraday low of 251.1. The net turnover during the day was Rs. 43894448.