New Delhi: Ipca Laboratories Ltd said that its two subsidiaries have fully acquired US-based Pisgah Labs Inc. for $9.65 million.
In a BSE filing, Ipca Laboratories announced “acquisition of 100% share capital of Pisgah Labs Inc., a North Carolina Corporation” by Ipca Pharmaceutical Inc. USA and Onyx Scientific Ltd, UK (Onyx) (company’s wholly owned step down subsidiary) for $9.65 million free of debt.”
Ipca Pharmaceutical Inc is a wholly-owned subsidiary while Onyx Scientific Ltd, UK (Onyx) is a step-down subsidiary of the company. Pisgah, a contract manufacturer and developer of active pharmaceutical ingredients (APIs) and intermediates, will continue to operate out of its North Carolina manufacturing facility under the Pisgah trade name.
Pisgah Labs had a total income of $2.89 million for the financial year ended 30 April 2017, the company said.
“Onyx and Pisgah’s capabilities in chemistry services will dovetail effectively with company’s capabilities in supporting Phase II to commercial scale programmes and also enable the company to manufacture small volume APls for US market,” it added. Ipca Laboratories said exports now account for nearly 47% of its income.