On April 20, 2023, the Competition Commission of India (CCI) approved the acquisition of up to 76.10% of the voting share capital of Suven Pharmaceuticals Ltd by Berhyanda Ltd.
This acquisition was proposed by Berhyanda Ltd, which is the wholly owned subsidiary of Berhyanda Midco Ltd, which in turn, is the wholly owned subsidiary of Jusmiral Midco Ltd, which is collectively controlled by the Advent International GPE IX Funds and the Advent International GPE X Funds, ultimately managed by Advent International Corporation.
Suven Pharmaceuticals Ltd is a bio-pharmaceutical company incorporated on November 6, 2018. The company is an integrated contract development and manufacturing organization and offers its services to global pharmaceutical and agrochemical majors in their innovation endeavors. Suven Pharmaceuticals also exports its manufactured APIs and advanced drug intermediates to markets outside of India.
The acquisition is being made through a share purchase agreement dated December 26, 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.
CCI’s Approval
The CCI reviewed the proposed combination of Berhyanda Limited’s acquisition of Suven Pharmaceuticals Limited and found that the transaction would not have an adverse impact on competition in India. As a result, the CCI has approved the acquisition of up to 76.10% of the voting share capital of Suven Pharmaceuticals Limited by Berhyanda Limited.
Future Plans
The detailed order of the CCI will follow. The approval of the acquisition is a significant step for Berhyanda Limited and Suven Pharmaceuticals Limited. The acquisition is expected to strengthen Suven Pharmaceuticals Limited’s position in the bio-pharmaceutical industry and provide it with the necessary resources to continue its growth and development.
Conclusion
The acquisition of up to 76.10% of the voting share capital of Suven Pharmaceuticals Limited by Berhyanda Limited has been approved by the CCI. The acquisition will help Suven Pharmaceuticals Limited strengthen its position in the bio-pharmaceutical industry and provide it with the necessary resources to continue its growth and development. The detailed order of the CCI will follow, and it will be interesting to see the specific reasons why the CCI has approved the acquisition.