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Ipca Laboratories' subsidiaries have fully acquired the US-based Pisgah Labs Inc for $9.65 million.
In a BSE filing today, Ipca Laboratories announced: “Acquisition of 100 per cent share capital of Pisgah Labs Inc, a North Carolina Corporation” by Ipca Pharmaceutical Inc, USA and Onyx Scientific Ltd, UK (Onyx) (company’s wholly-owned step-down subsidiary) for $9.65 million free of debt.''
Ipca Pharmaceutical Inc is a wholly-owned subsidiary, while Onyx Scientific Ltd, UK (Onyx) is a step-down subsidiary of the company.
Pisgah is a contract manufacturer and developer of active pharmaceutical ingredients (APls) and intermediates. The company will continue to operate out of its North Carolina manufacturing facility under the Pisgah trade name. Pisgah Labs Inc had clocked a total income of $2.89 million for the financial year ended April 30, 2017, the company said.
“Onyx and Pisgah’s capabilities in chemistry services will dovetail effectively with the company’s capabilities in supporting Phase II to commercial scale programmes and also enable the company to manufacture small volume APls for US market,” it added.
Ipca Laboratories' exports account for nearly 47 per cent of its income. Shares of Ipca Laboratories were trading 1.66 per cent higher at Rs 583 on the BSE.
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