New Delhi, March 1 -- Global private equity firm Advent International has merged two of its pharmaceutical portfolio firms, Cohance Lifesciences and Suven Pharmaceuticals, according to a joint announcement. The merged entity will have three distinct business units - Pharma CDMO, Spec Chem CDMO, and API+ (inclusive of formulations), the release said. For every 11 shares of Suven, 295 shares of Cohance will be allotted, as per the terms of the merger. "The new shares of Suven so issued will be traded on the NSE and BSE. Advent entities shall own around 66.7% stake and the public shareholders will hold around 33% stake in the merged entity. This ratio is pre-ESOP dilution," the firms clarified in the release.

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