IPCA Lab acquires US-based API company
Mid-cap pharmaceutical company, IPCA Laboratories has acquired US-based API company for US$9.65 million through its wholly-owned US subsidiary and a step-down subsidiary.
The 100 per cent share capital of Pisgah Labs Inc. is acquired by Ipca Pharmaceutical Inc., US and Onyx Scientific, U.K, a wholly-owned step-down subsidiary of Ipca Labs. Pisgah Labs Inc. is based in North Carolina.
Pisgah Labs has expertise in contract manufacturing of fine chemical and active pharmaceutical ingredients and drug substance for pharma companies. Ipca Lab believes Onyx and Pisgah's capabilities in chemistry services will provide effective synergies to commercially scale programmes and enable the company manufacture small volume APls for the US market. Pisgah reported total income of US$2.89 millions and EBIDTA of US$1.14 million for the fiscal year ended April 30, 2017.
Ipca Laboratories reported Net total Income of Rs. 875.29 crores compared to Rs. 877.57 crores in Q2FY17. Net Profit were at Rs. 96.47 crores, which was up 76 per cent for Q2FY18.
At 15:13 hours, Ipca Lab was quoting Rs. 582.70 per share, up by 1.60 per cent on Wednesday.