Suven Life Sciences Ltd Raises INR 200 Cr Through A Qualified Institutions Placement (QIP)
HYDERABAD (December 03, 2014): Suven Life Sciences Limited (“Suven”), a leading pharmaceutical company has concluded its INR 200 Cr fund raising exercise through the Qualified Institutions Placement (QIP) process. Anand Rathi Advisors Limited acted as the Sole Global Co-ordinator and Book Running Lead Manager for this QIP.
The transaction saw participation by some highly reputed investors in India. The Company accordingly will issue 1,04,53,690 equity shares of face value of INR 1/- per equity share at a price of INR 191.32 including a premium of INR 190.32 per share. Post issue the promoters holding will be in excess of 59% as against 64.76% on September 30, 2014.
The response to this QIP issue is a testimony to Suven’s growth oriented financial performance and confidence of the investors in Suven’s unique business model in CRAMS and NCE development.
Speaking on the occasion, Mr. Venkat Jasti, Chairman, Suven Life Sciences Limited said, "This is our public raise after 10 years since our preferential issue during 2004. The Anand Rathi team and we were able to successfully communicate our unique business model which has been validated and acknowledged by the fantastic response that we have received. One of the strategic objectives of this deal was to get the right set of long-term investors of high credibility and the willingness to back the long-term business plan of our Company. I believe the Anand Rathi team has delivered on that objective. We are now set to enter into a new and more exciting phase of growth."
On the deal closure, Mr. Amit Rathi, Managing Director of Anand Rathi Advisors said, “The response to this transaction, including the pedigree of investors, has been fantastic. This sets up the Company to catapult itself into the next exciting phase of growth.”
The funds raised will be effectively deployed to fund the clinical development program, capital expenditure and for general corporate purposes.
Legal Disclaimer: Please note that the above press release is for information only and does not constitute an offer of sale of shares.
About Suven Life Sciences Limited
Suven Life Sciences (“Suven”) is in the business of design, manufacture and supply of Bulk Actives, Drug Intermediates & Fine Chemicals, catering to the needs of global Life Science Industry. Over the last two decades Suven has emerged as a leading supplier of intermediates for New Chemical Entities (NCEs) being developed by innovator pharmaceutical companies. In its primary business model Suven has engaged in around 700 projects. The company saw high growth last year when 3 of the molecules it has been supplying intermediates for reached the pre-commercialization phase. Suven also has been investing in developing a pipeline of around 13 molecules in the Central Nervous System therapeutic area, over the last decade.
For further information please contact:
Venkatraman Sunder, VP, Corporate Affairs
Suven Life Sciences Limited
Email: vsunder@suven.com
For more information please visit our Web site at http://www.suven.com
Risk Statement:
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions, contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Other important factors which could cause results to differ materially including outsourcing trends, economic conditions, dependence on collaborative partnership programs, retention of key personnel, technological advances and continued success in growth of sales that may make our products/services offerings less competitive; Suven may not undertake to update any forward-looking statements that may be made from time to time.
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The transaction saw participation by some highly reputed investors in India. The Company accordingly will issue 1,04,53,690 equity shares of face value of INR 1/- per equity share at a price of INR 191.32 including a premium of INR 190.32 per share. Post issue the promoters holding will be in excess of 59% as against 64.76% on September 30, 2014.
The response to this QIP issue is a testimony to Suven’s growth oriented financial performance and confidence of the investors in Suven’s unique business model in CRAMS and NCE development.
Speaking on the occasion, Mr. Venkat Jasti, Chairman, Suven Life Sciences Limited said, "This is our public raise after 10 years since our preferential issue during 2004. The Anand Rathi team and we were able to successfully communicate our unique business model which has been validated and acknowledged by the fantastic response that we have received. One of the strategic objectives of this deal was to get the right set of long-term investors of high credibility and the willingness to back the long-term business plan of our Company. I believe the Anand Rathi team has delivered on that objective. We are now set to enter into a new and more exciting phase of growth."
On the deal closure, Mr. Amit Rathi, Managing Director of Anand Rathi Advisors said, “The response to this transaction, including the pedigree of investors, has been fantastic. This sets up the Company to catapult itself into the next exciting phase of growth.”
The funds raised will be effectively deployed to fund the clinical development program, capital expenditure and for general corporate purposes.
Legal Disclaimer: Please note that the above press release is for information only and does not constitute an offer of sale of shares.
About Suven Life Sciences Limited
Suven Life Sciences (“Suven”) is in the business of design, manufacture and supply of Bulk Actives, Drug Intermediates & Fine Chemicals, catering to the needs of global Life Science Industry. Over the last two decades Suven has emerged as a leading supplier of intermediates for New Chemical Entities (NCEs) being developed by innovator pharmaceutical companies. In its primary business model Suven has engaged in around 700 projects. The company saw high growth last year when 3 of the molecules it has been supplying intermediates for reached the pre-commercialization phase. Suven also has been investing in developing a pipeline of around 13 molecules in the Central Nervous System therapeutic area, over the last decade.
For further information please contact:
Venkatraman Sunder, VP, Corporate Affairs
Suven Life Sciences Limited
Email: vsunder@suven.com
For more information please visit our Web site at http://www.suven.com
Risk Statement:
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions, contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Other important factors which could cause results to differ materially including outsourcing trends, economic conditions, dependence on collaborative partnership programs, retention of key personnel, technological advances and continued success in growth of sales that may make our products/services offerings less competitive; Suven may not undertake to update any forward-looking statements that may be made from time to time.
Help employers find you! Check out all the jobs and post your resume.