Global private equity investor Advent International on Monday said it is acquiring a significant stake in Suven Pharmaceuticals from its promoters, the Jasti family. The PE major said this will be followed with an open offer to acquire 26 per cent more in the listed contract development and manufacturing organisation from public shareholders, and also merge the company with investee company Cohance Lifesciences, as per an official statement. Media reports on a Monday morning pegged the acquisition at Rs 6,300 crore, and that Advent had pipped rival Blackstone for the acquisition.
Suven Life Sciences Ltd has signed an agreement with US-based pharmaceutical firm Eli Lilly and Company to carryout pre-clinical research for central nervous system disorder.
Suven Pharmaceuticals' wholly owned subsidiary, Suven Life Sciences USA, has acquired the assets of the US-based Synthon Chiragenics, according to a release issued by Suven Pharmaceuticals to the BSE on Tuesday.
Major drug discovery outsourcing deals have almost dried up in the past 18 months for almost all prominent players in the area
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
Consolidation is the prime mood of the Indian equity market at the moment.
The Sensex ended down 251 points at 27,351 and the Nifty shed 65 points to close at 8,228.
Capital Goods shares ended mixed on the back of weak IIP numbers. L&T ended down 0.7% while BHEL ended with marginal gains.
The 30-share Sensex ended down by 59 points at 27,027 and the 50-share Nifty slipped 7 points at 8,087.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
Tata Motors, ONGC, HDFC and TCS were the top gainers.
Custodian banks are selling dollars for their foreign fund clients.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
Markets recovered in late trades, amid firm European cues, led by rebound in financials and gains in IT shares.
The 30-share Sensex ended down 30.30 points at 28,161.72 and the 50-share Nifty dipped 7.95 points at 8,543.