Advent International buys Suven Pharma for Rs 6,313 crore

By Dan Neff On Dec 27, 2022

Mumbai: Buyout private equity fund Advent International has entered into a definitive agreement on Monday to acquire a 50.1% stake in Hyderabad-based from the Jasti family for ₹6,313 crore paying ₹495 per share, confirming ET’s newsbreak.

The buyout is subject to relevant regulatory approvals and conditions.

Advent will also launch an open offer for an additional 26% of the company, a listed contract research and manufacturing services (CRAMS) business, at the same Rs 495 per share from minority shareholders. If fully subscribed to, Advent could end up paying ₹9,589 crore, making it its largest takeover in India yet.

Advent has been investing in India since 2007. Currently, it has invested/committed over $3.2 billion across 14 companies with headquarters or operations in India in sectors such as business and financial services, retail, consumer and leisure, healthcare, industrial and technology. Previous healthcare investments in India also include Bharat Serums and Vaccines. Globally, Advent has invested over $10.4 billion across 51 companies in healthcare.

Promoters Venkateswarlu Jasti and his family split

in FY20, turning the CRAMS business into a separately listed company via a demerger. The promoters own 60% of the company.

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