Ipca Labs logo.
New Delhi: Pharmaceutical firm Ipca Laboratories Wednesday announced the acquisition of 80 per cent stake in US' Bayshore Pharmaceuticals LLC by its subsidiary for USD 10.286 million (approx Rs 75.40 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 USD 10.286 million," it added.
For its financial year ended December 31, 2017, Bayshore had a total income of USD 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.