Jubilant Pharmova advanced 1.44% to Rs 282 after the company said that its subsidiary Jubilant HollisterStier has received additional loan facility from Government of Canada for the expansion of its CMO Montreal facility.
The pharmaceutical company announced that its subsidiary Jubilant HollisterStier, a Canada-based pharmaceutical contract manufacturing organization (CMO), has received approval from the Government of Canada to provide, through its strategic innovation fund (SIF) program, a partially repayable loan of CAD 23.8 million to fund the CAD 108 million capacity expansion at the Montreal manufacturing facility.
This loan is in addition to earlier announced CAD 25 million loan committed by the Province of Quebec, for the same expansion project. This expansion project is aimed at upgrading the company's Montreal facility and to increase its fill and finish capacity by over 100%.
This expansion project of the approximately 40,000 square feet facility will result in a sterile manufacturing site, offering a wide range of fill and finish capabilities with flexibility in dose forms and batch sizes. The technology and equipment will comprise of high-speed vial filling with an isolator barrier system, freeze drying, and a flex line capable of handling syringes, vials, and cartridges.
Pramod Yadav, CEO, Jubilant Pharma, said, Jubilant HollisterStier is excited to be chosen as a part of the eco-system being strengthened by Canada to better position the country for its future needs of vaccines and treatments for potential pandemics. This funding will enable our continued efforts to expand our capabilities in Canada and create more jobs.
Jubilant Pharmova is a global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients, contract research and development services and proprietary novel drugs.
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The company reported a consolidated net loss of Rs 15.67 crore in Q3 FY23 as against Rs 50.99 crore in Q3 FY22. Net Sales rose 18.2% YoY to Rs 1533.22 crore in the quarter ended 31 December 2022.
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