Jubilant Life Sciences Ltd. has signed an agreement to buy the radiopharmacy business of U.S. based Triad Isotopes Inc. The drug maker will carry out the agreement through its wholly-owned subsidiary, Jubilant Pharma Ltd.
The transaction, which will be funded through Jubilant Pharma's internal accruals, is also likely to be earnings accretive in the first full year of operations, the company said in its exchange filing.
It also said that the closing of the transaction is subject to customary conditions including regulatory approvals. The acquisition is likely to provide Jubilant an access to hospital networks with an ability to deliver more than 3 million patient doses annually.
Triad had recorded revenues in excess of $225 million during 2016 and has the second largest radiopharmacy network in the U.S. with more than 50 pharmacies.
Shares of Jubilant Life Sciences gained as much as 1.7 percent to Rs 747 in early trade on the Bombay Stock Exchange. So far this year, the stock (+18.3 percent) has managed to outperform both the Nifty Pharma (+0.2 percent) and the Nifty 50 Index (+13.9 percent).
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