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Pharmaceutical firm Ipca Laboratories on Wednesday announced the acquisition of 80 per cent stake in US’ Bayshore Pharmaceuticals LLC by its subsidiary for $10.286 million (approx Rs 75.4 crore).
The acquisition of the majority stake in Bayshore by Ipca Labs’ wholly-owned subsidiary, will enable the company to commercialise its registered generics drug products in the US market through this entity, Ipca Laboratories said in a regulatory filing.
“The company’s wholly-owned subsidiary, Ipca Pharmaceuticals Inc., USA, has acquired, on October 2, 2018, 80 per cent share capital of Bayshore Pharmaceuticals LLC, a New Jersey limited liability company ...for cash $10.286 million,” it added.
For its financial year ended December 31, 2017, Bayshore had a total income of $7.05 million.
Shares of Ipca Laboratories were trading at Rs 662.10 apiece, up 0.02 per cent from the previous close, on BSE.
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