Jubilant Pharma Limited (JPL), a Singapore-based wholly-owned subsidiary of Jubilant Life Sciences Limited, has commenced a tender offer to acquire the remaining minority stake it doesn't own in US-based Cadista Holdings which may cost it as much as $33.2 million, as per a stock market disclosure.
JPL, through its indirect subsidiary Jubilant Generics Inc, has offered to buy all of the remaining 17.6 per cent stake at $1.6 a share.
JPL currently holds approximately 82.4 per cent of Cadista.
The firm plans to merge Jubilant Generics with Cadista, after the successful tender offer.
The tender offer commenced on Thursday and is scheduled to expire on December 12.
Jubilant Life Sciences is a pharmaceutical and life sciences company engaged in the manufacture and supply of APIs, generics, specialty pharmaceuticals and life science ingredients. It provides services in contract manufacturing and drug discovery and development and counts General Atlantic, Norwegian sovereign wealth fund Government Pension Fund Global and Samena Capital as shareholders.
Last year it had transferred its pharmaceutical business to a wholly-owned Singapore-based subsidiary JPL and plans to list it separately overseas.
Jubilant had acquired majority stake in US-based Trinity Labs and its subsidiary Trigen in 2005 and later hiked its holding to 82.4 per cent for around $20-30 million.
Four years ago it had made an attempt to buy out the remaining stake at $0.3 a share for around $6.2 million. But it did not succeed.
(Edited by Joby Puthuparampil Johnson)