Piramal Enterprises today announced that it is in final stages of discussion with the University of Kentucky for the potential acquisition of Coldstream Laboratories for a total consideration of USD 30.65 million. Of this, USD 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.

Coldstream is a Contract Development and Manufacturing Organisation (CDMO) focused on the development and manufacturing of sterile injectable products and is majorly owned by University of Kentucky Research Foundation (an affiliate of the University of Kentucky). The company operates from a FDA approved facility located in Lexington, Kentucky, USA. This acquisition allows PEL to move further into the injectable market segment and has strong synergy with its existing Pharma Solutions business.

The transaction is not subject to any regulatory approvals. No related party of PEL has any interest in Coldstream.

Shares of the company gained Rs 17.45, or 2.1%, to trade at Rs 849.70. The total volume of shares traded was 6,607 at the BSE (10.33 a.m., Friday).