Piramal in talks to buy US based Coldstream Labs for $30.65 million

"This potential transaction is subject to corporate approvals and is expected to be completed by the end of this week," Piramal Enterprises Ltd (PEL) said.

New Delhi: Piramal Enterprises is in final stages of discussion with the University of Kentucky for the potential acquisition of Coldstream Laboratories Inc for USD 30.65 million (Rs 185 crore).

Coldstream is a contract development and manufacturing organisation (CDMO) focused on the development and manufacturing of sterile injectable products and is majorly owned by University of Kentucky Research Foundation (an affiliate of the University of Kentucky).

"This potential transaction is subject to corporate approvals and is expected to be completed by the end of this week," Piramal Enterprises Ltd (PEL) said.

Of this, USD 5.65 million would be towards the Coldstream facility on the Research Park Campus of the University, while the rest would be towards purchase of the company's shares,it added.

This acquisition allows PEL to move further into the injectable market segment and has strong synergy with its existing pharma solutions business, it added.

Shares of Piramal Enterprises Ltd Friday closed at Rs 843.30 per scrip on BSE, up 1.33 percent from their previous close.

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