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.