Jubilant Life Sciences Secures Financing from IFCBy
IFC, a member of the World Bank Group, is lending $147.5 million to Jubilant Pharma Limited, a wholly owned subsidiary of Jubilant Life Sciences Limited, which is incorporated in Singapore, with manufacturing operations in India, the United States, and Canada.
Of the total financing package, $110 million is from IFC's own account. The remaining $37.5 million is from IFC's Managed Co-Lending Portfolio Program, which provides additional long-term financing through co-financing partners. The loan will help Jubilant Life Sciences increase focus on the pharmaceutical sector and strengthen its generic-drug manufacturing facilities in India.
“We consider IFC a long-term partner with significant healthcare expertise across emerging markets. IFC's contribution goes beyond financing. IFC will also help us strengthen our quality assurance and risk mitigation mechanisms and make the company systems more robust,” said Shyam S. Bhartia, chairman and managing director, Jubilant Life Sciences, in company statement. “IFC's long-term financing package will consolidate our entire pharmaceuticals business under Jubilant Pharma and build global competitiveness.”
Jubilant Life Sciences is a pharmaceutical and life sciences company engaged in the manufacture and supply of active pharmaceutical ingredients, generics, specialty pharmaceuticals, and life science ingredients. It provides services in contract manufacturing and drug discovery and development.
Source:Jubilant Life Sciences