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Business

Jubilant Will Acquire Contract Firm Draxis

April 14, 2008 | APPEARED IN VOLUME 86, ISSUE 15

India's Jubilant Organosys has agreed to acquire Draxis Health, a Canadian company that provides contract manufacturing of finished drugs and makes radiopharmaceuticals. The purchase price, about $255 million, represents a 41.2% premium over Draxis' stock price before it began to rise last month. Jubilant is already a large provider of custom research and manufacturing services. Chairman Shyam S. Bhartia says the purchase of Draxis will add to his company's contract manufacturing capabilities and take it into the radiopharmaceuticals business.

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