Media Release: For immediate attention
New Delhi: Monday, 31 March 2003
Jubilant focuses on Life Sciences business
Takes over API business of Max India today
Jubilant Organosys Limited has formally taken over the Pharmaceuticals business of Max India from today. The company handed the final payment against the total consideration of Rs.631 million to close the transaction. The financial performance of this business has been accruing to Jubilant Organosys from 1st September 2002.
Jubilant Organosys Limited, India's largest speciality chemicals company, has set its sight on expanding its Life Sciences business. Dr. J M Khanna, who joined the company as Executive Director and President, heads this business. The company plans to further expand its Life Sciences business during the coming years.
Commenting on the transaction, Mr Shyam S Bhartia, Chairman & Managing Director, Jubilant Organosys, said:, "The life sciences business has strong synergies with our core speciality chemicals business. In line with our growth model, we will leverage this business to further our standing in the high value added knowledge based product segments, thus expanding market presence and moving closer to our customers. The company is already a preferred supplier of advanced intermediates to many global international pharmaceutical and agrochemical companies. This entry into life sciences represents a logical forward integration."
Jubilant Organosys is creating an experienced and dynamic team to take its API business forward. Recently, the company appointed Mr. Jagdish Sastry as Chief of Global API business. He will be spearheading the expansion of the business worldwide. Mr. Sastry has around 25 years of experience in pharmaceutical industry.
Jubilant Organosys is also in the process of setting up a state of the art Research & Development facility for its API and chemistry services business in Noida. The R&D facility will be functional soon. The company is putting in place a team of more than 100 scientists who would work on developing new products, which will go off patent during the next 5-10 years. The company already has a team of about 100 scientists working in the area of speciality chemicals and custom research.
Emphasizing upon the criticality of a sound R&D base, Dr. J M Khanna, Executive Director and President, Jubilant Organosys, said: "R&D is the backbone of a successful life sciences business. We are putting in place a strong R&D team that would work on developing new products to cater the needs of generic pharmaceutical companies globally. A team of scientists would be dedicated for supplies of 'mg' to 'gm' to 'kg' quantities produced under GLP/GMP for drug discovery, pre-clinical and clinical studies."
About Jubilant Organosys Limited
Jubilant Organosys Limited is the largest manufacturer of speciality chemicals in India and a leading global manufacturer in defined chemical categories. These include Pharmaceuticals, Advanced Intermediates, Custom Research & Manufacturing Services, Nutrition products, Organic Intermediates and a range of performance chemicals for diverse industries like agrochemicals, textile, construction, food & beverages and paper & packaging. Jubilant Organosys has four modern manufacturing facilities at Gajraula (near New Delhi), Nira (near Pune, Maharashtra), Samalaya (near Varodara, Gujarat), and Nanjangud (near Mysore, Karnataka).
For further information please contact:
Jubilant Organosys Limited
Tel.: 0120 (Noida) 2594313, 2516601-11 ext. 1313
Fax : 0120 2516627
E-mail : email@example.com
Citigate Dewe Rogerson
Ph: 022 2284 2728
Fax: 022 2284 4561
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. Jubilant Organosys may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the regulatory bodies and our reports to shareholders. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.