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Advent-controlled Suven Pharma appoints former Piramal exec as chairman

VCCircle

VCCircle · 11m ago

Advent-controlled Suven Pharma appoints former Piramal exec as chairman

Suven Pharmaceuticals, controlled by private equity firm Advent International, has appointed Vivek Sharma as its new executive chairman. Sharma, former CEO of Piramal Pharma Solutions, takes over from Annaswamy Vaidheesh, who will become vice-chair of Suven's Advisory Council. The move comes as Advent plans to merge its pharmaceutical portfolio companies Cohance Lifesciences and Suven to create a diversified contract development and manufacturing organization and active pharmaceutical ingredients leader in India. Advent acquired a majority stake in Suven in December 2022. Suven reported a net profit of INR 300.3 crore ($39.8 million) for the fiscal year 2023-2024, down 27% from the preceding year.

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Advent-owned Suven Pharma to buy majority stake in NJ Bio for $64 mn

VCCircle

VCCircle · 9m ago

Advent-owned Suven Pharma to buy majority stake in NJ Bio for $64 mn

Indian contract development and manufacturing organization (CDMO) Suven Pharma, owned by private equity firm Advent International, is set to acquire a majority stake in US-based NJ Bio for $64.4 million. Suven Pharma will purchase a 56% stake in NJ Bio, a technology-driven CDMO specializing in complex drug modalities, at a pre-money valuation of $100 million. The deal will involve a combination of primary and secondary investments, with Suven paying $49.4 million to buy out existing minority shareholders and infusing $15 million in primary equity. The transaction is expected to close this month.

Suven Pharma to acquire majority stake in Sapala Organics for $27 mn

VCCircle

VCCircle · 1y ago

Suven Pharma to acquire majority stake in Sapala Organics for $27 mn

Suven Pharma, owned by private equity firm Advent, has agreed to acquire a 67.5% stake in Sapala Organics, a contract development and manufacturing organization (CDMO) based in Hyderabad, India, for around $27.5 million. Suven intends to acquire the remaining stake by 2026-27 through a secondary transaction. Sapala focuses on oligo drugs and nucleic acid building blocks. The acquisition will strengthen Suven's position in the market and allow it to expand its offerings. The transaction is expected to be completed over the next 12-15 months, pending regulatory and shareholder approvals.

Advent kickstarts merger process of Suven Pharma & Cohance; engages Kotak & Citi

Money Control

Money Control · 1y ago

Advent kickstarts merger process of Suven Pharma & Cohance; engages Kotak & Citi

Private equity fund Advent International is working on a merger between its portfolio companies Suven Pharmaceuticals and Cohance Lifesciences, with the aim of creating an end-to-end contract development and manufacturing organization (CDMO) and active pharmaceutical ingredient (API) firm. The merger is set to be evaluated by the board, taking into consideration its strategic rationale and benefits for Suven Pharmaceuticals' shareholders. Investment banks Kotak Mahindra Capital and Citi have been appointed as advisors for the proposed deal. This move follows Advent International's recent acquisition of a majority stake in Suven Pharmaceuticals.

Smile Group appoints former AstraZeneca exec to lead healthtech venture studio

VCCircle

VCCircle · 3m ago

Smile Group appoints former AstraZeneca exec to lead healthtech venture studio

Smile Group has appointed Gagandeep Singh Bedi, former AstraZeneca Pharma India MD, as managing partner to lead its new healthtech venture studio. Bedi brings 25 years of healthcare experience, having worked with firms like Boehringer Ingelheim and Eli Lilly. He significantly contributed to AstraZeneca India's growth and its COVID-19 vaccine response. Smile Group, focused on scaling ventures in high-growth markets, sees AI in healthcare as a booming $50 billion opportunity in APAC.

Celonis appoints ex-SAP exec Dilipkumar Khandelwal as chief customer officer - The Economic Times

Economic Times

Economic Times · 1m ago

Celonis appoints ex-SAP exec Dilipkumar Khandelwal as chief customer officer - The Economic Times

Celonis has appointed former SAP executive Dilipkumar Khandelwal as the chief customer officer and chairman of its India advisory board to enhance its presence in India. Based in Bengaluru, Khandelwal will focus on collaborations with enterprises and GCCs to drive AI innovation. Celonis is expanding operations due to the growing AI adoption in India and recently launched an AI-focused innovation hub while appointing Kaushik Mitra to bolster regional growth.

Piramal Enterprises hit with $172 mn tax bill for pharma deal

VCCircle

VCCircle · 6m ago

Piramal Enterprises hit with $172 mn tax bill for pharma deal

Piramal Enterprises received a $172 million tax demand related to its sale of the pharmaceutical business to Piramal Pharma in 2021. Maharashtra's tax office claims an 18% GST is due, classifying the deal as an itemized sale, not a preferentially taxed slump sale. The tax bill represents about 15% of Piramal's 2024 fiscal revenue. Piramal contends the demand is "unjustified" and plans to challenge the decision, expecting the order to be overturned.

Sun Pharma appoints Kirti Ganorkar as MD; Dilip Shanghvi to continue as the Executive Chairman of the Board

Economic Times

Economic Times · 3m ago

Sun Pharma appoints Kirti Ganorkar as MD; Dilip Shanghvi to continue as the Executive Chairman of the Board

Sun Pharmaceutical Industries has appointed Kirti Ganorkar as Managing Director effective September 1, succeeding Dilip Shanghvi, who will remain as Executive Chairman. Ganorkar has been with Sun Pharma since 1996, having held various leadership roles. Under his leadership, the company's India business has grown consistently. Abhay Gandhi is leaving Sun Pharma, and Richard Ascroft will succeed him as CEO of North America. Aalok Shanghvi will oversee this business area, reporting to Ganorkar.

Ranjan Pai’s Claypond Capital ropes in former Wipro-GE Healthcare exec

VCCircle

VCCircle · 8m ago

Ranjan Pai’s Claypond Capital ropes in former Wipro-GE Healthcare exec

Claypond Capital, led by Manipal Group Chairman Ranjan Pai, has appointed a former Wipro-GE Healthcare managing director as they focus on investing in the medical devices and technology sector.

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

VCCircle

VCCircle · 1y ago

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

Claypond Capital, the family investment office of Ranjan Pai, Chairman of Manipal Group, has appointed a former Fireside Ventures executive as the firm increases its startup investments. The family office was established after Temasek acquired a $2 billion stake in Manipal Group.

WaterBridge appoints former Udaan exec to head early-stage deals

VCCircle

VCCircle · 1y ago

WaterBridge appoints former Udaan exec to head early-stage deals

WaterBridge Ventures, a venture capital firm in India, has appointed Sapna Goyal, a former executive at B2B e-commerce unicorn Udaan, as their Vice President of early-stage deals. WaterBridge Ventures has previously invested in companies like Unacademy, Atlan, Magicpin, Bijnis, and CityMall.

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