Jubilant Organosys to Acquire US Drug Firm

Pharmaceuticals company Jubilant Organosys has signed a memorandum of understanding (MoU) to acquire a 75% stake in a generic pharmaceutical company in the United States for US$8.25 million. "At present due diligence process is going on and we expect it to be over in a month's time," a company spokesperson told PTI without divulging the name of the company to be acquired, citing a confidentiality agreement. Under the MoU JOL would pay $8.25 million to the existing shareholders of the target company and invest an additional $12 million in its growth capital for a period of two years. The acquisition will be value accretive.
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