Jubilant Organosys Buys Hollister-Stier For $122.5Mn

New Delhi: Jubilant Organosys Ltd on April 24, declared take over of the US-based Hollister-Stier Laboratories for $122.5 million. The acquisition will be funded through a combination of cash-on-hand, which had been mopped up via an earlier external commercial borrowing, and Hollister''s debt capacity. Hollister is implementing a Capex programme, which is to be completed by the first quarter in 2008, and would significantly enhance capacities and performance outlook. The acquisition will give Jubilant with a fast growing Contract Injectables manufacturing business and also a stable and profitable allergy business. Jubilant is a leader in CRAMS (Custom Research and Manufacturing Services) space, delivering high growth performance by servicing the global pharma and life sciences industry. The acquisition also brings with it, a high quality, steady cash flow allergy extracts and products business.