SADDLE BROOK, N.J.–(BUSINESS WIRE)–Rising Pharma Holdings, Inc., f. k. a. Shore Suven Pharma, Inc.,
announced today that it completed the purchase of the assets of Rising
Pharmaceuticals and Rising’s subsidiaries on a cash-free and debt-free
basis. Shore Suven Pharma, Inc., created as an acquisition entity to
acquire the assets and affiliates of Rising Pharmaceuticals, Inc. will
hereafter be called, Rising Pharma Holdings, Inc. Rising Pharmaceuticals
will continue to operate seamlessly and transact all business under the
Rising brand, working with its industry leading suppliers to service its
customers.
“We are very excited to close this transaction and begin working with
the amazing staff of Rising Pharmaceuticals. Engaging Rising’s suppliers
is a top priority to ensure continuity of product supply to the
company’s valued customers. We have an experienced generic
pharmaceutical management team ready to facilitate a smooth transition
while maximizing the value of these assets,” said Mr. Vimal Kavuru, CEO
of Rising Pharma Holdings.
“We are extremely pleased to expand our global footprint through this
transaction. Rising’s extensive product portfolio will allow us to
leverage our strengths to better serve our U.S. customers,” said
Mr. Venkat Jasti, CEO and Chairman of Suven Life Sciences.
Rising Pharma Holdings, Inc., f. k. a. Shore Suven Pharma, is a joint
venture between Suven Life Sciences Limited, an India-based provider of
contract research and manufacturing services for the global life
sciences industry led by CEO and Chairman, Mr. Venkat Jasti, and Shore
Pharma Investments, LLC, a company founded by Vimal Kavuru to acquire
generic drug assets.
The sale was conducted through a Court-supervised process under Section
363 of the Bankruptcy Code. Rising Pharma Holdings, Inc. is represented
by Reed Smith LLP. Raymond James & Associates and Citadel Management
Consulting acted as financial advisors to Rising Pharma Holdings, Inc.
on this transaction.
About RISING PHARMA HOLDINGS, INC.:
Rising Pharma Holdings, Inc. sells generic and OTC pharmaceuticals
through its recently acquired wholly owned subsidiary, Rising
Pharmaceuticals to leading wholesalers, distributors, chain and
independent drug stores and mass merchandisers. Rising Pharmaceuticals
has a commercial portfolio of over 140 currently marketed products in
the U.S. and has more than 50 ANDAs filed with the FDA or pending
launch, representing over $12.5 billion in addressable market value,
using recent IMS data.
Contacts
Mr. Ira Baeringer
IBaeringer@RisingPharma.com
www.RisingPharma.com
(201)
961-9000