Suven announces asset purchase agreement of Rising Pharmaceuticals

HYDERABAD: Suven Life Sciences Limited, a biopharmaceutical company provider of Contract Research and Manufacturing Services (CRAMS) for global life science companies , has announced a stalking-horse asset purchase agreement to buy assets of Aceto Corporation’s Rising Pharmaceuticals and Rising subsidiaries through its joint venture partner Shore Suven Pharma, Inc.[the_ad id=”31605″]Shore Suven Pharma Inc. is a joint venture between Suven Life Sciences and Shore Pharma Investments, LLC of USA, a notice issued to Bombay Stock Exchange (BSE) noted.

“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 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 Vimal Kavuru, who will serve as CEO of Shore Suven Pharma.

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