Jubilant Life Sciences' material wholly owned subsidiary in Singapore, Jubilant Pharma (JPL) has received an approval to negotiate a potential acquisition of a speciality pharma business in the United States using only internal accruals, subject to due diligence, satisfactory agreements, etc. and its final approval. The board of directors of JPL at its meeting has approved for the same.

The proposed acquisition is a niche, profitable speciality pharma business with a strategic fit and is expected to provide competitive edge for JPL's existing business, if it materializes.

Shares of the company gained Rs 7.65, or 0.97%, to trade at Rs 793.00. The total volume of shares traded was 81,616 at the BSE (10.08 a.m., Tuesday).