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    Suven Life Sciences enters asset purchase agreement with Rising Pharma

    GarimaWritten by Garima Published On 2019-03-10T11:00:06+05:30  |  Updated On 16 Aug 2021 2:22 PM IST

    Suven Life Sciences through its joint venture partner, Shore Suven Pharma, Inc has entered into a "stalking horse" asset purchase agreement to buy the assets of Aceto Corporation's Rising Pharmaceuticals and Rising subsidiaries, Suven Life said in a regulatory filing.


    New Delhi: Biopharmaceutical firm Suven Life Sciences Ltd on Friday said it has entered into an asset purchase agreement to buy the assets of US-based Aceto Corporation's Rising Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc.


    Suven Life Sciences through its joint venture partner, Shore Suven Pharma, Inc has entered into a "stalking horse" asset purchase agreement to buy the assets of Aceto Corporation's Rising Pharmaceuticals and Rising subsidiaries, Suven Life said in a regulatory filing.


    Read Also: Suven Life Sciences secures Product Patents in Australia and Singapore


    A stalking-horse asset purchase agreement is a bid on the assets of a bankrupt company.


    The transaction is subject to court-approved bidding process under Section 363 of US Bankruptcy Code, the filing added.


    Shore Suven Pharma Inc is a joint venture between Suven Life Sciences and Shore Pharma Investments LLC of USA.


    "This potential acquisition of Rising's assets would transform Shore Suven Pharma into a strong US 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 US customers," Suven Life Sciences CEO and Chairman Venkat Jasti said.


    Read Also: Suven Life Sciences gets Product Patents in Brazil and Eurasia


    Vimal Kavuru, who will serve as CEO of Shore Suven Pharma said 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 the company's top priority.


    "We have an exceptional generic pharmaceutical management team ready to facilitate a smooth transition while maximising the value of these assets. We look forward to working towards a successful closing," he added.

    Aceto Corporations Rising PharmaceuticalsagreementAPIbankruptBSEjoint venturelife sciencesPharmaceuticalsShares of Suven LifeShore Suven Pharmastalking horseSuvenSuven LifeSuven Life SciencesUS generic pharmaceuticalUSAVenkat JastiVimal Kavuru
    Source : PTI

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    Garima
    Garima

      Garima joined Medical Dialogues in the year 2017 and is currently working as a Senior Editor. She looks after all the Healthcare news pertaining to Medico-legal cases, MCI/DCI decisions, Medical Education issues, government policies as well as all the news and updates concerning Medical and Dental Colleges in India. She is a graduate from Delhi University. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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