Suven Life Sciences Ltd

Suven Life Sciences Limited, erstwhile Suven Pharmaceuticals (SPL), is in the business of Contract Research And Manufacturing Services (CRAMS, catering to the needs of global life science industry and fine chemical majors. Suven's CRAMS provide innovative process research and development, supplies to clinical trials, rapid response pilot scale manufacture, dedicated commercial manufacturing on an exclusive basis. The company services include Custom Synthesis, Process R&D, Scale Up and Contract Manufacturing of intermediates, APIs and formulations. Suven Life Sciences has graduated from contract research to Collaborative Research transitioning from project-based transactions into relationship-based business. The Company has two international wholly owned subsidiary companies and one Indian wholly owned subsidiary company as on 31st March 2019. Suven Life Sciences Limited began operations in 1989 as specialty chemicals provider. Incorporated in Mar.'89 as a private limited company, Suven Pharmaceuticals (SPL) was converted into a public limited company in Jan.'95. It was promoted by Sudharani Jasti and Venkateswarlu Jasti, who is the present Chairman & CEO of the company. In March 1995, SPL came out with a public issue of 9.8 lac equity shares at a premium of Rs 40 aggregating Rs 4.9 cr to part-finance the company's project for the manufacture of bulk drugs and drug intermediates and meet long-term working capital requirements totalling to Rs 6.43 cr. During 1999-2000, the company has acquired a small pilot plant in Jeedimetla Industrial Estate, Hyderabad. During 2000-01, the company has registered a most remarkable record. The total sales of the company during 2000-01 have registered a growth of 71% over the previous year. The Profit After Tax (PAT) has also registered a growth of 325% over the previous year. The company has successfully achieved the re-certification of ISO 9002 during the year 2000-01. During the financial year ended 31 March 2014, Suven's Drug discovery portfolio has expanded into several new therapeutic areas such as Major Depressive Disorder (MDD), Obesity and Pain through Neuronal Nicotinic Receptor modulators. In addition, D-4010 and G3031 are undergoing regulatory toxicological studies in preparation for them being moving into Phase 1 clinical trial during 2014-15. During the year 2014, Suven has made significant inroads into drug discovery with a specialization on CNS-based programmes targeting unmet medical needs. The Company enjoys a unique position in the India (and Asia) as one of the prominent company with technologies under central nervous system (CNS). It has funded drug discovery for nine years resulting in a robust pipeline of 14 molecules at various stages of development. Suven's discovery assets address niche therapeutic areas like cognition, depression, obesity and pain management. In FY14, the Company filed one ANDA with the USFDA authorities for Malathion lotion, a head-lice product with sales potential estimated at US$35 million. In 2013-14, it granted the exclusive license to Taro Pharmaceuticals to market the product in the US, Canada and Mexico, which is expected to generate revenues and royalty in 2014-15. During FY2015, Suven's lead clinical candidate SUVN-502 has successfully completed Phase 1b clinical trial thus paving the way for the co-pound to move into Proof of Concept (PoC) Phase 2a study. In addition to above compounds, SUVN D-4010 is in its final stages of completing regulatory toxicological studies which will enable it to move into Phase 1 clinical trial in USA. During the FY2015, the Company has issued and allotted 104,53,690 equity shares of Re 1/- each at a premium of Rs 190.32 per share by way of QIP Issue in accordance with the SEBI ICDR guidelines. During FY15, the Company's main focus stayed on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets. During FY15, the Company added two new clients to its CRAMS business. It commenced operations at its Vishakhapatnam unit and shifted the manufacturing intermediates for a specialty chemical product to this unit. The shift not only optimized capacities at its CRAMS facilities but also made the CRAMS operations more efficient. During FY2017, the company has spent Rs. 6973 lakhs on innovative R&D in CNS therapies accounting for 13% on sales. Its focus remained on discovering, developing and commercializing novel pharmaceutical products, which are first in class CNS therapies through use of GPCR targets. During FY 2017, the Company has invested a sum of Rs 6501 lakhs in Suven Neurosciences Inc., a wholly owned subsidiary, for its business purpose. In FY2018, the company has spent Rs 6,390 lakhs on innovative R&D in CNS therapies accounting for 10% on sales. During the year 2019, subject to approval of NCLT and other stakeholders the Company's Board considered and decided that the Company shall demerge CRAMS undertaking on a going concern basis to its wholly owned subsidiary, Suven Pharmaceuticals Limited (SPL) through a Scheme of Arrangement between SLSL and SPL keeping in view the expected growth prospects in both CRAMS and discovery business, which shall not only enable both the businesses to grow independently with their focused vision, strategies and operations, but also contribute significantly towards unlocking the potential value of the businesses for the shareholders. The consideration for demerger shall be issue of 1 fully paid up equity share of face value of Re 1/- each of SPL for every 1 fully paid up equity share of face value of Re 1/- each held by each shareholder in the Demerged Company (SLSL) as on the Record Date, thereby resulting in a mirror shareholding of SLSL in SPL. The Company invested a sum of Rs.13,636 lakhs in Suven Neurosciences, Inc., for its business purpose. The Company acquired entire share capital of Rs.1 lakh in Suven Pharmaceuticals Limited identified as Resulting Company for the purpose of Scheme of Arrangement (Demerger) and as of 31st March, 2019 no investments were made in newly formed Suven Pharma, Inc. in USA. During the FY 2018-2019, Suven Pharmaceuticals Limited in India and Suven Pharma, Inc., in USA have become subsidiary companies. Read More