Jubilant Organosys closes acquisition of Canadian firm

Jubilant Organosys closes acquisition of Canadian firm
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First Published: Thu, May 29 2008. 03 17 PM IST
Updated: Thu, May 29 2008. 03 17 PM IST
PTI
Mumbai: Pharmaceutical firm Jubilant Organosys said on 29 May it has completed the acquisition of Canada-based Draxis Speciality Pharmaceuticals Inc. for $253 million (Rs1,082 crore).
The transaction marks Jubilant’s entry into radio-pharmaceutical market.
Jubilant is financing the $253-million transaction using a combination of proceeds from a previous FCCB issue and debt amounting to $160 million, it said.
“We are extremely pleased with the way the Draxis transaction has been completed. Draxis has a robust and exciting product pipeline, such as Sestamibi where the scope for value accretion will be very high,” Jubilant Organosys chairman and managing director, Shyam S Bhartia, said.
Draxis offer products in three categories — sterile products, non-sterile products and radio-pharmaceuticals. Draxis through its Draxiamge division develops and sells the radio-pharmaceuticals.
These products are used for both therapeutic and diagnostic molecular imaging applications.
The company’s shares were trading at Rs355.05, up 0.21% in morning trade on BSE.
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First Published: Thu, May 29 2008. 03 17 PM IST