Credit rating agency, CARE has revised rating of Suven Life Sciences’ long term bank facilities worth Rs 102.97 crore to ‘A-’ from ‘BBB+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 22.50 crore to ‘A2+’ from ‘A3+’.
The revision in the ratings assigned to the bank facilities of the company’s takes into account the equity infusion of around Rs 200 crore primarily for the purpose of funding the progression of the company’s New Chemical Entities (NCE) pipeline which has led to improved liquidity position and improved capital structure as on March 31, 2015.
Suven Life Science is a biopharmaceutical company focused 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.
