Jubilant Life Sciences soars 6% on acquisition buzz

MUMBAI: Shares of Jubilant Life Sciences jumped nearly 6 per cent in Wednesday’s trade after ET Now reported that the company was looking to acquire a cancer and body imaging company in the US for a likely deal size of $150-200 million.

Following the development, the stock soared 5.68 per cent to hit as high of Rs 879.10 on BSE. At this price, the stock was trading at 4.76 times its trailing book value.

The acquisition will be done through a arm Jubilant DraxImage Inc and funded via internal accruals, sources told ET Now.

The acquisition to boost Radio pharmaceuticals segment growth, which currently accounts for 12 per cent of the company’s overall revenues. The company had earlier announced acquisition plans in March.

The company is yet to respond to ET NOW's email queries.