Suven Pharmaceuticals approves acquisition of Casper Pharma Pvt Ltd

The Board of Directors of Suven Pharmaceuticals Limited (SPL) in its meeting held today i.e., 5th April, 2022 at 10.30 a.m. has approved the investments by way of purchase of entire (100%) share capital from the existing shareholders of Casper Pharma Private Limited ("CPPL") a Hyderabad based SEZ company engaged in formulations business. Post purchase of shares, the target entity would become a wholly owned subsidiary of SPL.

The present manufacturing facility of target entity i.e., Casper Pharma Private Limited has installed capacity of 1.2 Bn tablets / capsules. The company is ready for USFDA inspection which is expected to happen within next 6 months' timeframe. The Unit is yet to reach its commercially viable operations. As such the turnover details are not available to disclose.

The acquisition consideration will be USD 20.50 Mn based on the present exchange rate equivalent to around Rs 155 crores will be paid to the sellers of the shares in target entity.

Shares of Suven Pharmaceuticals Limited was last trading in BSE at Rs. 602.50 as compared to the previous close of Rs. 604.80. The total number of shares traded during the day was 15755 in over 1153 trades.

The stock hit an intraday high of Rs. 629.10 and intraday low of 600.00. The net turnover during the day was Rs. 9650791.00.

Source : Equity Bulls

Keywords

SuvenPharmaceuticals INE03QK01018 Investment Acquisition CasperPharma