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September, 2006 Pragati Maidan, New Delhi, India |
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Jubilant To Unveil Bid For US Co
Valuation topping $500m
Jubilant Organosys seems to have identified the New Jersey-based life sciences company, Cambrex, as one of its potential acquisition targets, as it looks for big buys in the US and Europe. The domestic integrated pharma player could unveil a bid with valuation topping $500m following a due diligence in the next 3-6 months, said informed sources.
The NYSE-listed Cambrex Corporation has a turnover in the vicinity of $450m with bulk of its revenues flowing from products and services aiding drug discovery and therapeutical applications, besides providing outsourcing services in the development and manufacture of active pharmaceutical ingredients (APIs), biologics and cell therapies.
A bid for Cambrex could end up as an expensive one with enterprise valuation zooming well over $500m as the company — with a current market cap of $513m — is hoping to tide over a troubled phase of loses by betting on increased drug discovery and therapeutical testing requirements in line with the demographics of the western markets, especially in Europe.
It is learnt that Merril Lynch on behalf of Jubilant is pursuing a bouquet of four to five targets currently, and a definite move on one of the targets is expected shortly.
The Indian company hopes inorganic growth would bring a faster learning curve, better market access, new client relationships and more technology platform catapulting it to the next level of growth. Jubilant recently raised $200m through the FCCB route and might raise another $125m towards funding acquisitions.
Date: 16-Jun-2006
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