Jubilant Organosys acquires Draxis for $253 mn

New Delhi, May 29: Jubilant Organosys Ltd today said the company has acquired Canada-based Draxis Speciality Pharmaceuticals Inc (Draxis) for 253 million dollars. ''Draxis is a debt free company and Jubilant is financing 253 million dollars transaction using a combination of proceeds from a previous FCCB issue and debt amounting to 160 million dollars,'' a company statement said.

Draxis offers products in three categories--sterile products, non-sterile products and radio-pharmaceuticals, operates a USFDA approved manufacturing facility and employs nearly 500 people in its Montreal facility at Canada.

UNI