Jubilant Pharmova slipped 3.70% to Rs 726.45 after the United States Food and Drug Administration (USFDA) has concluded audit of the Jubilant HollisterStier General Partnership (JHSGP)'s contract manufacturing facility at Montreal, Canada.
JHSGP is a subsidiary of Jubilant HollisterStier, USA, and a step down subsidiary of Jubilant Pharma, Singapore, and a wholly owned subsidiary of the company.The USFDA has issued 15 observations pursuant to the completion of audit. JHSGP will submit an action plan on the observations.
Meanwhile, Jubilant Pharmova said that its subsidiary, Jubilant Pharma Holdings Inc., USA (JPHI) has issued a notice to its lenders to voluntary prepay $75 million term loan, equivalent to Rs 626 crore, by the next interest payment date i.e. 24th June 2024.
Further, Jubilant Pharmova said that its subsidiary, Jubilant Draximage Inc., announced an investment of $50 million to expand its (Positron Emission Tomography) PET radiopharmacy network in strategic locations throughout the United States (US).
The US radiopharmaceutical industry is poised to grow from $5 billion in 2023 to $20 billion in 2030 due to the increasing demand of PET imaging and advance radiopharmaceutical therapies.
The company will add 6 PET radiopharmacies in US. It shall be operational by Financial Year 2027-28. This investment will expand the companys PET radiopharmacy network to nine (9) sites and overall radiopharmacy network to fifty two (52) sites, solidly positioning Jubilants radiopharmacy network as the second largest in the US.
Jubilant Pharmova is engaged in radiopharma, allergy immunotherapy, CDMO of sterile injectable, generics, contract research development and manufacturing (CRDMO) and proprietary novel drugs businesses.
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The company has reported a net loss of Rs 58.60 crore in Q4 FY24 as against a net loss of Rs 97.90 crore in Q4 FY23. Total income increased by 5.15% YoY to Rs 1746.40 crore during the period under review.
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