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Jubilant inks $70 mn manufacturing pact with US firm

Jubilant inks $70 mn manufacturing pact with US firm
PTI
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First Published: Wed, Sep 14 2011. 05 04 PM IST
Updated: Wed, Sep 14 2011. 05 04 PM IST
New Delhi: Jubilant Life Sciences on Wednesday said it has signed a contract manufacturing agreement with an undisclosed US pharmaceutical firm to produce an OTC product in women health and personal care segment.
The four-year deal could help the company garner over $70 million (over Rs 330 crore), Jubilant Life Sciences said in a statement.
The agreement was signed between the company’s arm, Jubilant HollisterStier and the product will be produced at its Montreal facility in Canada.
The company, however, citing confidentiality clause neither disclosed the US firm nor specified the product it would manufacture.
“This is a take or pay contract with a minimum quantity commitment and has a total value of over $70 million for a period of over 4 years with a possibility of extension for another 2 years for a higher quantity,” the company said.
Commenting on the development Jubilant Life Sciences CMD Hari S Bhartia said: “This contract is an outcome of our strategy to expand our offerings across products and geographies”.
Jubilant HollisterStier’s facility in Montreal manufactures global quality OCL (ointment, creams and liquid) products as well as sterile liquid and lyophilised products.
Shares of Jubilant Life Sciences on Wednesday closed at Rs 211.90 on the BSE, down 1.49% from previous close.
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First Published: Wed, Sep 14 2011. 05 04 PM IST