Suven Life Sciences Ltd, the Hyderabad-based biopharma company, has entered into a "stalking-horse" asset purchase agreement to acquire the assets of US-based Aceto Corporation's Rising Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc.
Venkat Jasti, CEO & Chairman, Suven Life Sciences, said, "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 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," he further stated.
Vimal Kavuru, who will serve as CEO of Shore Suven Pharma, stated, "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."
