University of Kentucky selling Coldstream property

A pharmaceutical maker based in India plans to locate at the University of Kentucky’s Coldstream Research Campus in a deal approved by the university.

Piramal Enterprises Ltd. agreed to pay $30.6 million for Coldstream Laboratories Inc. and its building. The university said in a news release that the UK Research Foundation approved the stock purchase and the UK board of trustees executive committee approved the facility offer Thursday.

The university said Piramal is one of India’s 50 largest companies with annual revenues of more than $750 million.

The deal is expected to close early this year.

Coldstream Laboratories has 97 employees with an average annual salary of $58,000. The university said Piramal has expressed interest in keeping current management, and officials have said they hope to expand the employee base.

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