Increasing band of expats is driving the Jubilant Organosys drug development and discovery business. Of the total 1,025 scientific manpower strength
Leading contract drug maker Jubilant Organosys on Friday announced the acquisition of Canadian speciality drug company DRAXIS Health for $255 million (around Rs 1020 crore). The board of DRAXIS has given its unanimous approval and the transaction is expected to close in the second quarter of 2008 after the necessary shareholder and court approvals.
Hollister, which posted an annual turnover of $55 million in 2006, has been posting 40 per cent compound annual growth rate (CAGR) over the last four years.
Year 2008 results of India's largest drug maker, Ranbaxy Laboratories, and Wockhardt were also impacted by forex losses. Companies such as Aurobindo and Orchid are also expected to post forex losses, say analysts.
Jubilant Organosys on Friday announced the acquisition of US-based Trinity Laboratories Inc along with its wholly-owned subsidiary Trigen Laboratories Inc for $12.25 million.
Pharma majors are collaborating with foreign companies to develop newer drugs.
India emerging as a big global destination for contract manufacturing, unlike R&D outsourcing.
B Muthuraman, vice chairman, Tata Steel, has been elected as the vice president of CII.
A CII delegation, led by Confederation of Indian Industry president and Bharti Enterprises CEO Sunil Bharti Mittal, called on US Democratic presidential candidate Senator Hillary Rodham Clinton at the Capitol Hill in Washington, DC on Wednesday.
Dr Reddy's Laboratories, Jubilant Organosys, Orchid Chemicals, Aurobindo Pharma and Shasun Chemicals and Drugs are among those who have borrowed either to expand locally or to acquire companies abroad, but are now struggling to repay the dues, analysts say. Some of the companies' debt now exceeds their market capitalisation, as local and global investors sold stocks on concerns over slowdown and falling revenues. A few drug makers may be forced to sell assets to repay debt.
Leading IT companies i-flex Software and Satyam Computers have made their way to Forbes Global's list of 100 'best under a billion' companies in Asia Pacific.
Issues related with intellectual property rights, including piracy of films and software, figured prominently during the India-US CEO Forum in New Delhi attended by Prime Minister Narendra Modi and US President Barack Obama.
