Ranbaxy Labs acquires 14.9-per cent stake in Jupiter Bio Science

07 April 2007

New Delhi: Ranbaxy Laboratories will acquire a 14.9-per cent stake in the Hyderabad-based Jupiter Bioscience. Ranbaxy Labs said it would be able to expand its product portfolio with the acquisition.

A 15-per cent acquisition would have triggered off a mandatory open offer by Ranbaxy.
Jupiter Bioscience will place the proposal for approval before its board on 12 April.

Ranbaxy will be allotted equity share warrants on an expanded capital base, after shares have been allotted to promoters and qualified investors. Currently the promoters of Jupiter Bioscience hold 72.81 per cent of its stake.

Ranbaxy said expects huge upsides from the peptide business between 2008 and 2013.

Jupiter Biosciences reported net profits for the quarter were at Rs7.21 crore as against Rs4.98 crore for the previous quarter. The company''s shares closed at Rs143.80 at the Bombay Stock Exchange on Thursday.