Suven Pharma zooms 12% on merger with Cohance Lifesciences

Suven Pharmaceuticals Limited on February 29 announced a scheme of amalgamation for merger with Cohance Lifesciences Limited

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Shares of Suven Pharma jumped 12 percent in morning deals on March 1 , a day after the firm announced a scheme of amalgamation for a merger with Cohance Lifesciences.

The transaction is expected to conclude over next the 12-15 months, subject to shareholder and regulatory approvals, the company said in a release.

Cohance is a contract development and manufacturing organisation (CDMO) and merchant Active Pharmaceutical Ingredient (API) platform with global leadership in select low-mid volume molecules as well as unique capabilities in the form of its antibody-drug conjugates (ADC) platform.

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The merger will establish Suven as a diversified CDMO and API leader in India, expnnding its revenue base, the company told exchanges. The merged entity is expected to be amongst the leading integrated CDMO players in India.

With an expanded capacity of 2,650 kL and a significantly broadened customer base, scale and synergy benefits would be substantial.

Upon the scheme becoming effective, all shareholders of Cohance will be issued shares of Suven in the ratio of 11 shares of Suven for every 295 shares of Cohance, based on the swap ratio. The new shares of Suven will trade on NSE as well as BSE.

Advent will own 66.7 percent and the public shareholders will hold 33.3 percent of the combined entity (pre-ESOP dilution).

Also Read | Suven Pharma, Cohance Lifesciences announce merger

At 10.13 am, Suven Pharma shares were trading nearly 10 percent higher at Rs 694.55 on the National Stock Exchange. In the last year, the stock has jumped around 45 percent against as a 27 percent rise in the Nifty.

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