Business Daily from THE HINDU group of publications
Friday, May 30, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, May 30, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Mergers & Acquisitions Jubilant concludes acquisition of Draxis Our Bureau New Delhi, May 29 Jubilant Organosys Ltd has completed the transaction to acquire Canada based Draxis Speciality Pharmaceuticals Inc. Draxis offers products in three categories: sterile products, non-sterile products and radiopharmaceuticals It operates a USFDA approved manufacturing facility and employs approximately 500 staff in its Montreal facility at Canada. The Canadian firm is a debt-free company and Jubilant is financing $253-million transaction using a combination of proceeds from a previous FCCB issue and debt amounting to $160 million. Jubilant stands to gain from two major factors: One, Draxis is looking to launch generic Sestamibi, a radiopharmaceutical used in cardiac imaging market, after its exclusivity ends in July. Jubilant estimates Sestamibi will give them a $10-million (Rs 40 crore) per year. Draxis is also targeting the second largest segment in nuclear medicine through a new product. The second attraction for Jubilant is Draxis’ multi-year $120-million (Rs 480 crore) contract for supplying multiple non-sterile specialty semi-solid products to Johnson and Johnson. More Stories on : Mergers & Acquisitions | Pharmaceuticals
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