Jubilant wants remaining stake of Cadista Holdings

NEW DELHI: Jubilant Life Sciences (formerly Jubilant Organosys) has offered to buy 17.6% stake in US-based Cadista Holdings Inc for Rs 28 crore to make it a wholly-owned company, it said on Friday.

Contract manufacturer of drugs Jubilant Life Sciences (formerly Jubilant Organosys) owns 82.4% of Cadista through two separate arms. The Indian company had bought 75% stake in Cadista (formerly Trigen Laboratories) in 2005 and subsequently increased its holdings. Jubilant executive director (finance) R Sankaraiah said the deal will give operational flexibility to the company.

Also, minority shareholders wanted to exit the US-based company. Jubilant Life Sciences Holdings Inc, a wholly-owned subsidiary of the Indian drugmaker, has offered to buy the residual stake of the privately-held Cadista at $0.3 per share.