The board of Hyderabad-headquartered pharmaceutical firm Suven Pharmaceuticals Ltd (SPL) met today i.e. on April 5. In this meeting several issues were discussed and an important decision was also taken. In its board meeting, it has decided to buy Casper Pharmaceuticals Pvt Ltd (CPPL) for Rs 155 crore.
CPPL is a Hyderabad based SEZ (Special Economic Zone) company in GMR Aviation SEZ, next to Hyderabad International Airport. The company deals in formulations.
CPPL will become a wholly owned subsidiary of SPL after this acquisition.
CPPL has an installed capacity of 120 crore tablets and capsules. The United States Food and Drug Administration (USFDA) is slated for oversight over the next six months. SPL told stock exchanges that the company has not yet made commercially necessary transactions. Therefore, the turnover details of the company to be purchased are not available.
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SPL said that CPPL is engaged in the business of manufacturing and supplying formulations of Solid Oral Dosages and Liquid Oral Products, including tablets, through contracts with customers in the United States and other regulated markets.
The acquisition of CPPL will be completed within 30 days.
Venkateswarlu Jasti, chairman and managing director of SPL, told Moneycontrol in the first week of February that the acquisition of CPPL could save the company a significant 3-4 years of manufacturing time for world-class formulations. Is. He had said that with CPPL having a USFDA-inspection-ready facility, the work is expected to start earning in 6-9 months.