Suven Pharmaceuticals on Saturday said it will acquire a controlling stake in US-based NJ Bio Inc for USD 64.4 million. The company will buy a 56 per cent stake in Princeton, NJ Bio, Suven Pharmaceuticals said in a statement.
“This transaction is in line with our vision of being a technology-led CDMO, offering end-to-end solutions in emerging modalities like ADCs,” Suven Executive Chairman Vivek Sharma said.
NJ Bio’s capabilities and established customer relationships will accelerate Suven’s journey as a global leader in this fast-growing ADC/XDC segment, which is emerging as a very important modality and has improved the lives of well over 1,00,000 patients already, he added.
NJ Bio founder and CEO Naresh Jain said the company has created enormous value for clients by solving complex ADC challenges over the last few years.
The transaction is expected to close before the end of December 2024.
Source: Economic Times