Financial Daily from THE HINDU group of publications
Wednesday, Jun 02, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 02, 2004 |
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Corporate
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Mergers & Acquisitions Jubilant Organosys acquires two European drug cos Our Bureau
New Delhi , June 1 JUBILANT Organosys Ltd (JOL) has acquired an 80 per cent stake in two Belgium-based pharmaceutical companies - Pharmaceutical Services Incorporated NV and PSI Supply NV - for euro 13.5 million (approximately Rs 75 crore). The acquisition will give Jubilant a presence across the pharmaceuticals value chain from manufacturing of APIs to sale of final formulations, according to a company release. Jubilant will make the acquisition through a newly formed Belgium-based wholly-owned subsidiary, Jubilant Pharma, the release said. According to the Chairman and Managing Director of the company, Mr Shyam S. Bhartia, "The acquisition will enhance the strength of Jubilant's life sciences business in the high opportunity European market." According to the agreement reached between the two companies, PSI CEO and Managing Director, Ms Lieve Venmassen, will retain 20 per cent share and continue to look after the business along with other key senior managers of the acquired entity.
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