CCI Approves Berhyanda's Stake Acquisition in Suven Pharma

CCI Approves Berhyanda's Stake Acquisition in Suven Pharma

The Competition Commission of India (CCI) has approved the acquisition of up to 76.10% of the voting share capital of Suven Pharmaceuticals Limited by Berhyanda Limited.

Berhyanda Ltd is a wholly-owned subsidiary of Berhyanda Midco Ltd, i.e., in turn the wholly owned subsidiary of Jusmiral Midco Limited, which is collectively controlled by the Advent International GPE IX Funds and the Advent International GPE X Funds, which are ultimately managed by Advent International Corporation.

The proposed combination relates to the acquisition by Berhyanda Ltd for up to 76.10 per cent of the voting share capital of Suven Pharmaceuticals Ltd, by way of a share purchase agreement dated 26 December, 2022, and pursuant to the mandatory open offer in compliance with Securities Exchange Board of India’s SAST (Substantial Acquisition of Shares and Takeovers) Regulations.

The Target Company - Suven Pharmaceuticals Ltd, was incorporated on 6 November 2018, is an integrated contract development and manufacturing organization and offers its services to global pharmaceutical and agrochemical majors in their innovation endeavors. It also exports its manufactured APIs and advanced drug intermediates to markets outside of India.

The Proposed Transaction is in the nature of an acquisition and falls under Section 5(a) of the Competition Act, 2002.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.