Jubilant Life Sciences commences tender offer for Cadista Holdings Inc
01 Oct 2010
Jubilant Life Sciences Holdings, a wholly owned subsidiary of integrated pharmaceutical company Jubilant Organosys, today said that it has agreed to acquire US-based Cadista Holdings Inc for $6.2 million in cash.
Currently, Jubilant Organosys wholly owned subsidiaries Jubilant Life Sciences Holdings and Singapore-based Jubilant Pharma Pte Ltd, hold 82.4 per cent stake in Cadista.
Jubilant Life Sciences will pay $0.3 per share or $6.2 million (Rs28 crore) for the remaining 17.6 per cent stake.
The company commenced the tender offer for Cadista from September 30 and is currently scheduled to expire on 29 October 2010.
Cadista had reported consolidated revenue of $28.77 million in FY10.
Jubilant Organosys has been renamed as Jubilant Life Sciences with immediate effect, said the Noida-based company in a satatement.
Jubilant Life Sciences is an integrated pharma and life sciences company offering life sciences products and services to the global life sciences industry. It is the largest custom research and manufacturing services company and a leading integrated drug discovery and development solutions company out of India.
Commenting on the renaming, Shyam Bhartia, chairman and managing director of Jubilant Organosys said, "In order to create a focused life sciences entity, the company's name is being changed to Jubilant Life Science. It is a moment of great pride as we cross another milestone on the path of our evolution into an integrated pharma and life sciences company."