Jubilant Life arm to acquire Inipharm Inc for around USD 28.5 mn

Drug firm Jubilant Life Sciences Thursday said its subsidiary Drug Discovery and Development Solutions Ltd (DDDSL) Singapore has entered into an agreement to acquire 10 per cent stake in Inipharm Inc USA for around USD 28.5 million (over Rs 199 crore).

The company's wholly-owned subsidiary has entered into a stock purchase agreement to acquire 534,194 shares of common stock of biotechnology firm Inipharm Inc USA, for a cash consideration of USD 534.20 per share, Jubilant Life Sciences said in a filing to BSE.

The indicative time period for completion of the acquisition is three months, it added.

Shares of Jubilant Life Sciences were trading at Rs 740.50 per scrip in the afternoon trade on the BSE, up 6.61 per cent from their previous close.