Spokane News, Spokane Wa, Spokane Economy

Jubilant Organosys Ltd., a big pharmaceutical company based in Uttar Pradesh, India, announced today that it has completed its earlier announced purchase of Hollister-Stier Laboratories LLC, of Spokane. It acquired the company here for a base price of $122 million, and also agreed to pay an $18.7 million reimbursement to cover the costs of a capital-improvement program currently under way at Hollister-Stier. Jubilant claimed that the transaction was the largest overseas acquisition of a contract manufacturer by an Indian company. Jubilant has said it will maintain Hollister-Stier's operations, personnel, and name here.