The Indian biopharmaceutical company, Suven Life Sciences plans to purchase assets of the American-based, Aceto Corporation. Suven Life said that the company would be procuring assets through its partnered company, Shore Suven Pharma Inc., as reported by the Indian daily news, The Economic Times.
In a regulatory filing, Suven Life said, Suven Life Sciences through its joint venture partner, Shore Suven Pharma, Inc has entered into a "stalking horse" asset purchase agreement to buy the assets of Aceto Corporation's Rising Pharmaceuticals and Rising subsidiaries.
In essence, a stalking-horse asset acquisition agreement is an offer to procure assets of a bankrupt company.
"This potential acquisition of Rising's assets would transform Shore Suven Pharma into a strong US generic pharmaceutical company. Leveraging Rising's extensive product portfolio to become vertically integratedNSE -2.72 % with our already world-class API and finished dose manufacturing capabilities will enable us to better serve US customers," said Venkat Jaisi, CEO and Chairman at Suven Life Sciences, to the Indian daily news, The Economic Times.
Vimal Kavuru who will be designated as CEO of Suven Lifes joint venture firm, Shore Suven Pharma apprised the chance to work with soaring suppliers and employees to make sure stability of product supply to consumers pertaining to this planned incorporation will top priority of the firm.
We have an exceptional generic pharmaceutical management team ready to facilitate a smooth transition while maximising the value of these assets. We look forward to working towards a successful closing," added Vimal Kavuru.