Piramal All Set To Buy Coldstream From University Of Kentucky

Healthcare giant Piramal Enterprises Limited (PEL) is all set to acquire Coldstream Laboratories Inc, partly owned by the University of Kentucky. The deal is in its final stages and the acquisition is valued at $30.65 million.

“Of this, $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. This potential transaction is subject to corporate approvals and is expected to be completed by the end of this week,” said the company in a letter to the National Stock Exchange (NSE).

Coldstream is focused developing and manufacturing sterile injectable products and is owned by University of Kentucky Research Foundation. The company’s headquarter is in Lexington in Kentucky in the US.

“This acquisition allows PEL to move further into the injectable market segment and has strong synergy with its existing Pharma Solutions business,” added the company.

The deal is not subject to any regulatory approvals.

Image: Official website of Piramal