Corporate Update
Ipca Labs arm acquires 80 percent stake in Bayshore Pharmaceuticals
Ipca Labs arm acquires 80 percent stake in Bayshore Pharmaceuticals
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By Mukul - 03 October 2018
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).
In a regulatory filing, Ipca Laboratories said the endeavour will help the company to commercialise its registered generics drug products in the US market through this entity.
The companys 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.
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