Jubilant Life Sciences looks to buy specialty pharma business in US

New Delhi : Jubilant Life Sciences said its subsidiary Jubilant Pharma will negotiate a potential acquisition of a specialty business in the US.

"The Board of Directors of Jubilant Pharma Ltd, a material wholly-owned subsidiary of the company in Singapore, has approved to negotiate a potential acquisition of a specialty pharma business in the United States using only internal accruals," Jubilant Life Sciences said in a BSE filing.

The potential acquisition will be subject to due diligence, satisfactory agreements, etc and final approval of Jubilant Life Sciences.

It further said: "The proposed acquisition is a niche, profitable speciality pharma business with a strategic fit and is expected to provide competitive edge for JPL's existing business, if it materialises".

Shares of Jubilant Life Sciences were trading 0.59 per cent up at Rs 790 apiece on BSE.