Jubilant Pharmova subsidiary to invest $92 mln for expansion

Jubilant Pharma, a wholly-owned subsidiary of Jubilant Pharmova, announced $92 million investment plans to expand sterile injectable manufacturing capacity at its Spokane site in Washington, US.

This investment is being made to set up a high speed 400 vials a minute injectable fill line with isolator technology, which will enhance the Spokane facility's capacity by 50%. This expansion will also include two 300 sq. feet Lyophilizers. This expansion will be spread over 50,000 sq feet at the Spokane facility and will be commercially operational by the end calendar year 2024 (CY24).

Commenting on the same, Pramod Yadav, chief executive officer (CEO) of Jubilant Pharma, stated: "We are pleased to announce the planned expansion of the sterile injectable manufacturing capacity at this critical juncture. With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic and are prepared for a potential future pandemic response. This expansion will also help us meet high demand from our global Specialty Pharmaceutical customers, with whom the company has established strong relationships."

Jubilant Pharmova (erstwhile Jubilant Life Sciences) is engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses. It reported 52.4% jump in consolidated net profit to Rs 309.83 crore on a 16.6% rise in net sales to Rs 1,743.63 crore in Q3 FY21 over Q3 FY20.

Shares of Jubilant Pharmova slipped 1.81% to Rs 855.95 on BSE. The scrip traded in the range of Rs 846.75 to Rs 884.90 so far.

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