CAM advises sellers on ₹9,500 crore acquisition by Advent

Cyril Amarchand Mangaldas advised the promoters of Suven Pharmaceuticals Limited (Suven Pharmaceuticals) in relation to the acquisition of Suven Pharmaceuticals by global private equity firm Advent, for an aggregate amount of INR 9,500 crore (approx.) through a share purchase agreement for c. 51% followed by an open offer for 26%.

The General Corporate and Competition Law Practices of Cyril Amarchand Mangaldas acted as the legal counsel for promoters of Suven Pharmaceuticals on the transaction. The scope of work included undertaking vendor due diligence exercise, carrying out drafting, negotiations, review and finalisation of the share purchase agreement and ancillary agreements. The transaction team was led by Shishir Vayttaden, Partner; with support from Reeti Agarwal, Associate; Raksha Raina, Associate; Kashish Mahajan, Associate; Saumya Sharma, Associate; and Tawishi Beria, Associate. Bhargav Joshi, Partner assisted with the due diligence exercise.

The Real Estate team was led by Namrata Kolar, Partner (Co-head-Real Estate); with support from Jaideep Kodali, Principal Associate.

Pharma and Life Sciences team was led by Biplab Lenin, Partner; with support from Kartik Jain, Senior Associate.

Avaantika Kakkar, Partner (Head-Competition Law); advised on the competition law related aspects of the transaction.

As a part of the Transaction, Advent, has agreed to buy out a majority in Suven Pharmaceuticals Limited from our clients. Advent will also make an open offer to acquire 26% shares from public shareholders.

Other Parties and Advisors to the transaction included Barclays (acted as banker for the sellers).

The transaction was signed on 26^th December 2022.

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.

The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.