Private equity major Advent International, is to acquire a controlling stake in India-based Suven Pharmaceuticals Ltd for at least $762 million, according to a report by Bloomberg, triggering an open offer to purchase additional shares in the business.

Private equity major Advent International, is to acquire a controlling stake in India-based Suven Pharmaceuticals Ltd for at least $762 million, according to a report by Bloomberg, triggering an open offer to purchase additional shares in the business.

The report cites an exchange regulatory filing as revealing that advent has agreed to acquire a 50.1% stake in Suven from the Jasti family, which will then instigate a mandatory offer from Advent to buy up to 66.19 million additional shares from Suven's minority shareholders. That would equate to an additional 26% stake in the business.

According to reports, Advent will then explore a potential merger of Hyderabad-based Suven with its existing portfolio  company Cohance Lifesciences, to establish a combined company that specialises in active pharmaceutical ingredients as well as contract development and manufacturing businesses.