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Aceto Strikes Deal To Offload Rising For Just US$15m

 
• By Dave Wallace

Aceto has struck a deal to sell its Rising Pharmaceuticals unit and related businesses to Shore Suven Pharma for US$15 million. The agreement comes shortly after Aceto agreed to divest its chemicals business assets for US$338 million after filing Chapter 11 bankruptcy petitions in the US.

Piggy bank
Aceto Will Gain US$15 million From The Deal • Source: Shutterstock

Aceto has entered into a ‘stalking-horse’ asset purchase agreement to offload its Rising Pharmaceuticals US generics business and its subsidiaries to Shore Suven Pharma for US$15 million, “plus the assumption of operating liabilities and customer obligations related to the acquired business on a cash-free and debt-free basis”.

Shore Suven Pharma is a joint venture between India’s Suven Life Sciences and Shore Pharma Investments, a firm founded by Aceto director Vimal Kavuru “to acquire generic drug assets”.

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