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Suven gets US court approval to buy assets of Rising Pharmaceuticals

ANI 

reported on Saturday getting the US Court approval of stalking horse agreement to buy assets of Aceto Corporation's Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc.

A stalking horse agreement refers to an initial bid for a bankrupt company's assets and sets the lower limit in a auction. The sale was conducted through a court-supervised process under Section 363 of the Code.

Suven Life Sciences, the Rs 625 company, provides contract research and services to global life sciences companies. It will reportedly invest 75 million dollars (about Rs 520 crore) in the new

Under the process, Shore Suven Pharma's purchase agreement served as the stalking horse agreement and an auction would have been conducted had the company received qualified offers from other bidders reflecting potentially higher or better terms.

No such bids were received prior to the bid deadline. Thus no auction was conducted and Shore Suven Pharma was selected as the successful bidder for Pharmaceuticals on March 29, the company said in a statement.

The transaction is expected to close on April 19.

said the court approval brings closure to the sale process for Pharmaceuticals.

"It paves the way for a seamless transition of the portfolio, customer programmes and and relationships to Shore Suven Pharma Inc, which in turn will pave the way for continuity of product supply to the customers," he said.

Shore Suven Pharma Inc's said the acquisition of Rising's assets will transform Shore Suven Pharma into a strong US company.

"Leveraging Rising's extensive product portfolio and vertically integrating with Suven's world-class (API) and finished dose capabilities will enable us to better serve US customers," he said.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 13 2019. 14:16 IST
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