Suven Pharma to acquire controlling stake in NJ Bio with investment of USD 64.4 million
Mumbai: Suven Pharmaceuticals Limited has announced the
acquisition of a controlling stake in NJ Bio Inc. with an investment of $64.4 million.
Suven will acquire 56% stake in NJ Bio (pre-money valuation of US$100mn) through a combination of primary and secondary:
– US$49.4mn for buying out the existing minority shareholders
– US$15mn as primary equity infusion; will be mainly used for capex (GMP expansion at the existing Princeton facility)
– Deal is valued at a low-to-mid teens multiple of CY25 projected EBITDA, based on growth outlook
– Call/Put Option arrangement to acquire balance stake after 5 years
Based in Princeton, NJ Bio is a ADC/XDC-focused CRDMO offering cutting-edge solutions
across the ADC value chain. It was founded by Dr Naresh Jain, a well renowned scientist in the ADC
space, holding PhD from Boston University & 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 8+ years. NJ Bio has served 150+ customers, delivered over
500 projects in 5 years, and won the prestigious World ADC Awards for four consecutive years (2021-
24).
“The ADC outsourcing market, valued at $2.7bn, is
projected to grow at 25%+ annually. This acquisition positions Suven as a key player in one of
the fastest growing segments of the Pharma CDMO landscape and extends Suven’s current ADC offering with
expertise across payload chemistry, payload-linker synthesis, bioconjugation, and ADCspecific analytical platform,” the release stated.
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 ~US$32 million in CY24, reflecting
a 70%+ CAGR since CY2021. 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.
The transaction is expected to close before the end of December 2024.
with Dr Jain and his team and welcome them to the Suven family. This transaction is in line with our
vision of being a technology-led CDMO, offering end-to-end solutions in emerging modalities like ADCs.
NJ Bio’s capabilities and established customer relationships will accelerate Suven’s journey as a global
leader in this fast-growing ADC/XDC segment which is emerging as a very important modality and has
improved the lives of well over 100,000 patients already.”
offerings across the ADC value chain, from R&D to commercialization. NJ Bio’s capabilities in drug
discovery and early-stage development gives us the much-desired early entry point in the customer’s
ADC drug development cycle while also giving us access to ADC focused innovator companies with
longstanding relationships.”
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.”
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