Ranbaxy to pick up stake in Jupiter

NEW DELHI: As part of its product portfolio expansion through partnerships and strategic investments, Ranbaxy Laboratories today said it will pick up stake in Jupiter Bioscience, a maker of specialised organic compounds.

"This is an opportunity for us to expand product portfolio and we will go with the 14.9 per cent of enlarged capital of Jupiter Biocscience...subject to the completion of due diligence" Ranbaxy Laboratories CEO and MD Malvinder Singh told reporters here.

He, however, declined to comment on the valuation of the deal.

Yesterday, Jupiter Bioscience had informed bourses that it plans to allot preferential equity share warrants to Ranbaxy.