Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Suven JV receives receives approval to acquire assets of Rising Pharmaceuticals Inc

Posted On: 2019-04-15 13:17:52

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 received the US Bankruptcy Court approval of "Stalking Horse" Agreement to buy the assets of Rising Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc.

The sale was conducted through a Court-supervised process under Section 363 of the Bankruptcy Code. Under that process, Shore Suven Pharma's purchase agreement served as the "stalking horse agreement" and an auction would have been conducted had the Company received qualified offers from other bidders reflecting potentially higher and/or otherwise better terms. No such bids were received prior to the bid deadline. Therefore, no auction was conducted and Shore Suven Pharma was selected as the successful bidder for the Rising Pharmaceuticals on March 29, 2019. The transaction is expected to close on April 19, 2019, subject to the satisfaction of certain other conditions.

"This Court approval brings closure to the sale process for Rising Pharmaceuticals and paves the way for a seamless transition of the portfolio, customer programs and manufacturing and drug development relationships to Shore Suven Pharma Inc. which in turn will pave the way for continuity of product supply to the customers," said Mr. Venkat Jasti, CEO of Suven Life Sciences Ltd.

"We are very pleased to have completed a "stalking-horse" agreement to buy the assets of Rising Pharmaceuticals through this court approval process. This acquisition of Rising's assets would transform Shore Suven Pharma into a strong U.S. generic pharmaceutical company. Leveraging Rising's extensive product portfolio and vertically integrating with Suven's world class API and finished dose manufacturing capabilities will enable us to better serve U.S. customers," said Mr. Vimal Kavuru, CEO of Shore Suven Pharma Inc.

Shares of SUVEN LIFE SCIENCES LTD. was last trading in BSE at Rs.268.7 as compared to the previous close of Rs. 270.1. The total number of shares traded during the day was 24412 in over 613 trades.

The stock hit an intraday high of Rs. 272.8 and intraday low of 267.35. The net turnover during the day was Rs. 6575065.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

USFDA classifies Torrent Pharmaceuticals Ltd's Dahej facility as OAI

Firstsource Solutions Ltd appoints Mr. Vipul Khanna as MD & CEO

Mindtree Ltd Q1 net profit falls to Rs. 92.7 crores

CARE Ratings reaffirms ratings of S Chand and Company Ltd

Allahabad Bank reports borrowal fraud of exposure in SEL Manufacturing Ltd

Ind-Ra downgrades rating of Eveready Industries India Ltd

Thomas Cook India honoured with 'India Travel Partner of the Year 2018' Award by SAP Concur

Confidence Petroleum India Ltd board to announce first quarter results on July 26, 2019

Excel Industries Ltd board to approve quarterly results on Aug 13, 2019

MPS Ltd board to consider Q1 results on July 24, 2019

Newgen Secures Patent for Automated Quality and Usability Assessment of Scanned Documents

DFM Foods Ltd posts PAT of Rs. 7.63 crore in Q1 FY20

Sudarshan Chemical Industries Ltd board to approve first quarter results on Aug 7, 2019

Alkyl Amines Chemicals Ltd calls for board meeting on Aug 6, 2019

Torrent Power Ltd board to consider 1st quarter results on Aug 5, 2019

Shoppers Stop Ltd board to approve Q1 results on July 30, 2019

YES Bank Ltd reports net profit of Rs. 95.56 crores in Q1 FY20

OIL sign contract for the blocks awarded under OALP Bids Round II & III

MAGGI Fusian Noodles Records Overwhelming Sales On Amazon Prime Days

WIPRO Ltd Q1 FY20 consolidated PAT up YoY at Rs. 2387.6 crores

Mahanagar Gas Ltd board to consider Q1 results on Aug 8, 2019

Insecticides India Ltd board to announce first quarter results on Aug 2, 2019

Khadim India Ltd board to approve 1st quarter results on Aug 6, 2019

NMDC Ltd announces production and sales for June 2019

Ind-Ra updates on ratings of Rajkumar Forge Ltd

Menon Bearings Ltd Board declares Interim Dividend of Rs. 1.25

Jindal Stainless Limited clamps down on counterfeit market with a co-branding initiative

Aditya Birla Money Ltd Q1 PAT up at Rs. 3.49 crore

Rajratan Global Wire Ltd Board to consider Bonus Issue

Menon Bearings Ltd Q1 FY20 net profit slips to Rs. 4.73 crore

CARE Ratings Ltd Board to consider Q1 results & Dividend on July 31, 2019

Monsanto India Ltd board to announce quarterly results on July 24, 2019

Dhanlaxmi Bank Ltd reports net profit of Rs. 19.84 crores in Q1 FY20

Cera Sanitaryware LtdCera Sanitaryware Ltd board to consider Q1 results on Aug 1, 2019

TATA Elxsi Ltd Q1 FY20 net profit falls to Rs. 48.79 crore

L&T Construction led JV secures contract for 100 MLD Desalination Plant

LTI to Acquire Advanced Analytics Firm Lymbyc

Dilip Buildcon, Shaanxi JV emerges L1 bidder for new EPC project in Karnataka

Dilip Buildcon Ltd receives provisional completion certificate for section of NH-33 project

Brickwork revises NCD rating of Vodafone Idea Ltd

MCX's consolidated total income up by 30% to Rs. 110.84 crore in Q1 FY 2019-20

DCB Bank announces First Quarter FY 2020 Results

5paisa Capital - Income for Q1FY20 at Rs. 2,288 Lakhs

Zensar is a Gold sponsor at the ISG Automation Summit 2019, New York

Astron Paper & Board Mill Ltd updates on shut down of plant

Manaksia Ltd appoints Mr. Bharat Begwani as CFO

NTT Com-Netmagic Partners with Tata Power to Build 50 MW Solar Power Project

Agro Tech Foods Ltd reports Q1FY20 PAT of Rs. 7.02 crore

B C Power Controls Ltd Q1 net profit at Rs. 0.86 crore

Jay Bharat Maruti Ltd consolidated Q1 net profit slides to Rs. 7.84 crore







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019