CCI approves Berhyanda's acquisition of Suven Pharma

New Delhi [India], April 20 : The Competition Commission of India (CCI) approved the acquisition of up to 76.10 per cent of the voting share capital of Suven Pharmaceuticals Limited by Berhyanda Limited, said a press release on Thursday.

The proposed combination relates to acquisition by Berhyanda Limited (Acquirer) for up to 76.10 per cent of the voting share capital of Suven Pharmaceuticals Limited (Target), 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, read the press release.

The Acquirer is the wholly owned subsidiary of Berhyanda Midco Limited, i.e., in turn, the wholly owned subsidiary of Jusmiral Midco Limited, which 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.

Target, a bio-pharmaceutical company incorporated on 6 November 2018, is an integrated contract development and manufacturing orgzation and offers its services to global pharmaceutical and agrochemical majors in their innovation endeavours. It also exports its manufactured APIs and advanced drug intermediates to markets outside of India.