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Advent Intl to invest $2-bn in its Cohance platform of Hyd
Invests `9,589 cr to acquire a controlling stake in Suven Pharmaceuticals and to also establish a 50,000-sft R&D lab in Genome Valley
Advent International, one of the world’s largest and most experienced private equity investors, is significantly amplifying its presence within Hyderabad's flourishing life sciences landscape with a substantial Rs 9,589 crore investment to acquire a controlling stake in Suven Pharmaceuticals and to also establish a 50,000-sft R&D lab in Genome Valley.
The current investments underscore Advent's dedication to bolstering its Cohance platform with a combined investment of about $2 billion (Rs 16,650 crore), which is the largest investment of its kind in Asia, aspiring to be among the top three Active Pharmaceutical Ingredient (API) and contract development & manufacturing (CDM) platforms.
Advent International MD Pankaj Patwari and Operating Partner Vaidheesh Annaswamy discussed the company’s investment and ambitious growth plans with Telangana IT & industries Minister KT Rama Rao, Industries and Commerce Department Principal Secretary Jayesh Ranjan and Telangana Life Sciences CEO Shakthi M Nagappan, here on Friday.
Earlier, Advent’s Managing Partner John Maldonado had engaged in a productive meeting with the Minister during his visit to the US last year. Its commitment to the Hyderabad pharma sector was further solidified by the creation of the Cohance platform, encompassing its API and CDM businesses - RA Chem Pharma, ZCL Chemicals and Avra Laboratories with Hyderabad as its headquarters.
