Jubilant Ingrevia jumped 5.21% to Rs 517.65 after the company bagged a CDMO contract for an estimated value of Rs 270 crore in the specialty chemicals business, spanning over a period of three years, from one of its international customers.
The company's international customer is among the top 10 leading innovator pharmaceutical companies globally.
Through the contract, the company will supply two key GMP intermediates for one of the 'patented drugs' of the innovator pharmaceutical customer. Both these products involve seven steps specialised chemistry.
Commercial supplies of both these products will start from FY23 onwards. The company will use GMP facility to service this contract.
Rajesh Srivastava, CEO & Managing Director, Jubilant Ingrevia, said, "Today's announcement is in line with our strategy & commitment to grow our CDMO business of value-added GMP & Non GMP intermediates. Success of these two GMP intermediates further demonstrates our capabilities to successfully develop and commercialise cost-effective processes with excellent quality involving complex chemistries.
Our CDMO project pipeline for our pharmaceuticals & agrochemical continues to be strong and we stay committed to further strengthen our presence in the CDMO business, through a comprehensive and planned capex.
Jubilant Ingrevia is a global integrated life science products and innovative solutions provider with over 42 years of experience offering over 165 products & innovative solutions using more than 35 key chemistry and technology platforms across its three portfolio of businesses viz acetyls, pyridines and vitamins & premixes.
On a consolidated basis, Jubilant Ingrevia reported net profit of Rs 129.07 crore and net sales of Rs 1283.01 crore in Q3 December 2021.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU