Advent to house Cohance platform HQ in Telangana Hyderabad
A week after receiving clearance from the Union cabinet to purchase 76.1% of Hyderabad's Suven Pharmaceuticals for $9,589 crore, Advent international announced that it will be locating its Cohance Lifesciences platform there, investing a total of $2 billion (16,650 crores) in the area. According to the company's managing director Pankaj Patwari Vaidheesh Annaswamy, the investment, which is one of the largest of its type in Asia, would also enable the company to establish a 50,000-square-foot research and development center in Genome Valley to strengthen its presence in Hyderabad.
The PE firm also announced on friday that it had successfully purchased a 50.1% share in Suven Pharma from the Jasti family, the company's proprietors, for 6,330 crore. For a further 26% ownership, the corporation will make an open offer to shareholders. Earlier, Advent had stated that it intended to combine Suven Pharma with its Cohance platform to strengthen it and place it among the top three worldwide suppliers of contract research and manufacturing services as well as active pharmaceutical ingredients. ktr said that these investments represent a major turning point in Hyderabad's development and added, "Their journey of multiple investments and expansion in telangana exemplifies the vibrant ecosystem that the government and industry partners have collaboratively nurtured."
The PE firm also announced on friday that it had successfully purchased a 50.1% share in Suven Pharma from the Jasti family, the company's proprietors, for 6,330 crore. For a further 26% ownership, the corporation will make an open offer to shareholders. Earlier, Advent had stated that it intended to combine Suven Pharma with its Cohance platform to strengthen it and place it among the top three worldwide suppliers of contract research and manufacturing services as well as active pharmaceutical ingredients. ktr said that these investments represent a major turning point in Hyderabad's development and added, "Their journey of multiple investments and expansion in telangana exemplifies the vibrant ecosystem that the government and industry partners have collaboratively nurtured."
He said, "As the region continues to draw investments, the growth story of Advent in Hyderabad's life sciences sector serves as a testament to the robust partnership between global investors and the state's thriving ecosystem." "This expansion reaffirms our commitment to fostering innovation, growth, and value creation in partnership with the dynamic ecosystem of the region," said Patwari of Advent International. We are considering making further investments.