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Listed pharma company, Suven Pharmaceuticals has announced the acquisition of a controlling stake in US-based NJ Bio Inc.
The company informed stock exchanges that the controlling stake came with an investment of USD 64.4 million. The transaction is expected to close before the end of December 2024. Based in Princeton, NJ Bio is a premier "ADC/XDC-focused CRDMO" offering cutting-edge solutions across the antibody-drug conjugates (ADC) value chain. It was founded by Dr Naresh Jain, a well renowned scientist in the ADC space, holding PhD from Boston University and Post Doctoral Research Fellow at The Scripps Research Institute, California. He had previously founded The Chemical Research Solution LLC (an ADC CRO) and served in senior R&D roles at J&J for over 8 years. As per the stock filing by Suven Pharmaceuticals, NJ Bio has served over 150 customers, delivered over 500 projects in 5 years. NJ Bio's leadership in a high growth market, comprehensive ADC chemistry capabilities, founder and team with deep domain expertise, strategic US presence, enhanced cross-selling opportunities, a unique tech-focused CRDMO are rationale behind acquiring the controlling stake in the company. Suven said it will acquire 56 per cent stake in NJ Bio (pre-money valuation of USD 100 million). NJ Bio founder Dr Jain will continue to lead NJ Bio in the next phase of its growth, along with the senior leadership group and a skilled scientific workforce that he has brought together over the years. NJ Bio is expected to record revenues of USD 32 million in 2024, reflecting an over 70 per cent CAGR since 2021. The Company has consistently invested in R&D to develop novel technology platforms related to ADC drug development as well as a more recently set up a cGMP compliant manufacturing facility. On this acquisition, Suven Pharmaceuticals Executive Chairman, Vivek Sharma, said, "This transaction is in line with our vision of being a technology-led CDMO, offering end-to-end solutions in emerging modalities like ADCs." Dr. Naresh Jain, Founder and CEO, NJ Bio said "NJ Bio has, over the last few years, created enormous value for our clients by solving complex ADC challenges. We have been instrumental in moving our client's discovery programs to rapid proof-of-concept and clinical manufacturing. Now, I am thrilled to announce that NJ Bio will strategically partner with Suven, a technology-led CDMO, which will enable NJ Bio to also provide its clients with expanded capabilities from discovery to commercial manufacturing." "I am confident that with NJ Bio and Suven's synergistic capabilities, we will emerge as a leading global CDMO in ADCs and other emerging modalities," Dr Jain added. (ANI)
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