Pharmaceutical firm Jubilant Organosys Ltd has acquired US-based Hollister-Stier Laboratories LCC for Rs514.5 crore ($122.5 million).
The board of directors of Jubilant has approved the acquisition which will be funded by cash and debt raised by Hollister, according to a release from Jubilant.
Some of Jubilant’s promoters and their family are also major stakeholders in HT Media Ltd, the publisher of Mint.
Hollister is in the business of vaccines and other immunotherapy products.
The US-based entity is engaged in high growth injectible contract manufacturing and has a well-established and stable allergy immunotherapy business.
Speaking on the development, Jubilant chairman and managing director Shyam S. Bhartia and co-chairman and managing director Hari S. Bhartia said: “We are excited that we have found the right fit in Hollister, with an opportunity to leverage on a common and new customer base. It gives us a ready entry into contract manufacturing of injectibles, and presents a compelling business opportunity, especially in the US market. Added to that, it also brings with it a high quality, steady cash flow allergy extracts and products business.”