Jubilant Life up 6 per cent on acquisition

The company's Singapore subsidiary has entered a SPA to acquire 10 per cent stake a biotech start-up Inipharm Incorporated, in the US.

Jubilant Life Sciences' wholly-owned subsidiary, Drug Discovery and Development Solutions Limited, (DDDSL) has entered into a stock purchase agreement (SPA) to acquire 5,34,194 common stock shares of Inipharm. These share constitute to 10 per cent of its common stock. The cost of acquisition is approximately US$ 28.5 million or roughly Rs. 199 crore. The deal is subject to regulatory laws.

Inipharm is a early stage drug discovery and development company established in July 2018.

Reacting to this positive development, the stock of Jubilant Life Sciences was buzzing on the bourses since Thursday's morning session. The stock opened at Rs. 711.95 per share and hit an intraday high of Rs. 745.00. The stock listed among the top gainers for the day. At 14:37 hours, the stock was quoting Rs. 739.55 per share, up by Rs. 44.95 or 6.47 per cent, when the benchmark indices were in a upward rally. The BSE Sensex was at 36,177.57, up by 460.62 points or 1.29 per cent.