With the objective of consolidating the pharmaceuticals business under one entity and raise money to reduce the overall debt of the company, the Board of Jubilant Life Sciences Ltd has approved transfer of some businesses to its wholly-owned subsidiary in Singapore. The transfers include API & dosage form businesses of Jubilant in India (by way of a slump sale on a going concern basis) and part of the shares held by the company directly in US & European subsidiaries to enable the Singapore subsidiary to hold 100% of the business in Europe and US.
“The consideration for above transfer is Rs 1145 cr (net of debt of Rs 583 cr) subject to the approval of the shareholders of the company and such other approvals and permissions as may be deemed necessary,” said a company press release.
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Jubilant Pharma Ltd, Singapore has received approval from the Foreign Investment Promotion Board (FIPB) for above transfer. This will enable the company to consolidate its API, solid dosage forms, radiopharmaceuticals, allergenic extracts, sterile injectibles and ointment, cream and liquid business (Pharma Business) under the Singapore subsidiary.
Jubilant Life Sciences Ltd is a global pharmaceutical and life sciences company engaged in manufacture and supply of APIs, solid dosage formulations, radiopharmaceuticals, allergy therapy products and life science ingredients. In Q2 FY2014, income from operations of the pharma business of Jubilant Life Sciences stood at Rs 691 crore, showing growth of 6% YoY and contributing 48% to the revenue mix. On the other hand, income from operations for the life science ingredients segment in Q2 FY2014 was at Rs 744 crore, thus improved by 30% YoY and having 52% of share in total revenues.
“The consideration for above transfer is Rs 1145 cr (net of debt of Rs 583 cr) subject to the approval of the shareholders of the company and such other approvals and permissions as may be deemed necessary,” said a company press release.
ALSO READ: J B Chemicals & Pharmaceuticals receives US FDA approval for tinidazole
Jubilant Pharma Ltd, Singapore has received approval from the Foreign Investment Promotion Board (FIPB) for above transfer. This will enable the company to consolidate its API, solid dosage forms, radiopharmaceuticals, allergenic extracts, sterile injectibles and ointment, cream and liquid business (Pharma Business) under the Singapore subsidiary.
Jubilant Life Sciences Ltd is a global pharmaceutical and life sciences company engaged in manufacture and supply of APIs, solid dosage formulations, radiopharmaceuticals, allergy therapy products and life science ingredients. In Q2 FY2014, income from operations of the pharma business of Jubilant Life Sciences stood at Rs 691 crore, showing growth of 6% YoY and contributing 48% to the revenue mix. On the other hand, income from operations for the life science ingredients segment in Q2 FY2014 was at Rs 744 crore, thus improved by 30% YoY and having 52% of share in total revenues.