This was announced in a release issued by Jubilant to the Bombay Stock Exchange on Friday. According to the agreement signed on Friday, Jubilant will hold 64 per cent equity stake in Trinity/Trigen.
"Out of the total consideration of $12.25 million, $8.25 million will be paid to existing shareholders and the balance retained for growth. The company will invest an additional $8.42 million by December 2006, which will increase the company's equity interest in Trigen to 75%," the relase said.
An additional $ 4.05 million may be payable by the company on conversion of existing share options to maintain its shareholding in Trigen. Overall, the company will invest up to $ 24.72 million, the release added.
Trigen deals with generic dosage forms, and has a USFDA approved, cGMP-compliant manufacturing facility in Maryland, USA.
Spread over an area of around 60,000 sq ft, the manufacturing facility currently has an annual production capacity of 650 million tablets and 35 million capsules, which will be enhanced to one billion tablets per annum, the release said.
The product portfolio of Trigen focuses on the therapeutic areas of CNS and CVS, including anti-hypertensive, diuretic, and andrenocortical steroid. It has six approved ANDAs, and two ANDAs filed and awaiting US FDA approval, the release said.
"The acquisition furthers our objective of strengthening our position in the global pharma and life sciences industry, and facilitates Jubilant's entry into the high opportunity US market," Shyam S Bhartia, CMD and Hari S Bhartia, co-chairman and managing director of Jubilant, said.