Jubilant Pharmova said that its subsidiary, Jubilant Draximage Inc., announced an investment of $50 million to expand its (Positron Emission Tomography) PET radiopharmacy network in strategic locations throughout the United States (US).
The US radiopharmaceutical industry is poised to grow from $5 billion in 2023 to $20 billion in 2030 due to the increasing demand of PET imaging and advance radiopharmaceutical therapies.
The company will add 6 PET radiopharmacies in US. It shall be operational by Financial Year 2027-28. This investment will expand the companys PET radiopharmacy network to nine (9) sites and overall radiopharmacy network to fifty two (52) sites, solidly positioning Jubilants radiopharmacy network as the second largest in the US.
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Harsher Singh, CEO, Jubilant Radiopharma business, said, This investment shall help us meet increasing demand of novel PET products from our customers. With a much stronger PET radiopharmacy network, we also expect to secure long-term contracts with leading PET radiopharmaceutical manufacturers. We remain committed to improve patient lives through nuclear medicine.
Jubilant Pharmova is engaged in radiopharma, allergy immunotherapy, CDMO of sterile injectable, generics, contract research development and manufacturing (CRDMO) and proprietary novel drugs businesses.
The company has reported a net loss of Rs 58.60 crore in Q4 FY24 as against a net loss of Rs 97.90 crore in Q4 FY23. Total income increased by 5.15% YoY to Rs 1746.40 crore during the period under review.
The scrip rose 0.45% to end at Rs 750.75 on Friday, 14 June 2024.
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