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Jubilant Inks $ 70 Million Manufacturing Pact With U.S. Firm
By siliconindia
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Thursday, 15 September 2011, 18:14 IST
Bangalore; Jubilant Life Sciences today said its has signed a contract manufacturing agreement with an undisclosed US pharmaceutical firm to produce an OTC product in women health and personal care segment.
The four-year deal could help the company garner over USD 70 million (over Rs 330 crore), Jubilant Life Sciences said in a statement. The agreement was signed between the company's arm, Jubilant HollisterStier and the product will be produced at its Montreal facility in Canada.
The company, however, citing confidentiality clause neither disclosed the US firm nor specified the product it would manufacture.
"This is a take or pay contract with a minimum quantity commitment and has a total value of over USD 70 million for a period of over 4 years with a possibility of extension for another 2 years for a higher quantity," the company said.
Commenting on the development Jubilant Life Sciences CMD Hari S Bhartia said: "This contract is an outcome of our strategy to expand our offerings across products and geographies".
Jubilant HollisterStier's facility in Montreal manufactures global quality OCL (ointment, creams and liquid) products as well as sterile liquid and lyophilised products.
Shares of Jubilant Life Sciences today closed at Rs 211.90 on the BSE, down 1.49 per cent from previous close.