Ipca Labs arm acquires 80 percent stake in Bayshore Pharmaceuticals
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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