Jubilant to acquire US firm for $8.25mn

Jubilant Organosys has signed a memorandum of understanding (MoU) to acquire 75% of the equity of a generic pharmaceutical company in the US for $8.25 million.

According to a release issued by Jubilant to the BSE today, "the company to be acquired is in the business of generic drugs, and has a USFDA approved manufacturing facility. It has five approved ANDAs, and three ANDAs filed and awaiting approval. The company also has a pipeline of 14 products of which ANDAs for five products are expected to be filed during calendar year 2005."

Jubilant will pay $8.25 million to the existing shareholders of the target company, and invest an additional $12 million for growth over two years, the release added.