Brooks Laboratories to make new investments in its JV with SteriScience Specialities

Brooks Laboratories Limited, a leading pharmaceutical company announced today that it has inked an agreement with SteriScience Specialities Private Limited, for making a fresh infusion of funds in its subsidiary- Brooks SteriScience Limited (BSL). 

BSL is a joint venture (JV) of Brooks Laboratories Ltd and SteriScience Specialities Private Limited. It was incorporated with the aim of carrying out manufacturing, marketing & distribution of carbapenems for the global markets with an integrated infrastructure to manufacture both drug substances and drug products.  

As per the agreement, Brooks Laboratories will invest Rs 74.5 crore in BSL. With this fund infusion, the total investment of Brooks Laboratories comes to Rs 114.5 crore. The purpose of this investment is to expand manufacturing infrastructure and integrated capabilities for BSL’s carbapenem business.  

The funds will be used for setting up a dedicated Ertapenem formulation facility and integrating the active pharmaceutical ingredients (APIs) for all the four carbapenems under development. Along with this, BSL will engage in setting up front-end capabilities to market carbapenem products globally. This includes the US, Europe, Canada, Australia and India.  

At 3.36 pm, the share price of Brooks Laboratories Limited was trading at Rs 94, a decline of 3.49 per cent from its previous day’s closing price of Rs 97.40 on BSE.