Ipca Laboratories Ltd arm acquires balance stake in Bayshore Pharmaceuticals LLC

Ipca Laboratories Limited's wholly owned subsidiary, Ipca Pharmaceuticals, Inc., USA has acquired, on 30th September, 2021, further 20% share capital of Bayshore Pharmaceuticals LLC (Bayshore), a New Jersey limited liability company for cash @ US $ 1.2 millions. With this acquisition, Bayshore is now wholly owned by Ipca Pharmaceuitcals, Inc., Company's wholly owned subsidiary.

For its financial year ended 31st March, 2021, Bayshore had a total income of Rs.164.07 crores and ESIDTA of Rs. 15.83 crores.

The Company will continue to commercialise registered Generics Drug Products in the US market through this entity.

Bayshore Pharmaceuticals LLC (Bayshore), New Jersey, USA was originally founded in the year 2011 as a sales and marketing company of FDA approved generics drug products in the United States of America.

Bayshore is currently engaged in the selling & marketing of its own registered generics drug products as well as the registered generics drug products of other pharmaceutical companies.

The Company will be able to utilise Bayshore's platform for commercialisation of its registered generics drug products in the United Stales of America in future.

Shares of Ipca Laboratories Ltd. was last trading in BSE at Rs. 2408.3 as compared to the previous close of Rs. 2358.6. The total number of shares traded during the day was 14619 in over 1771 trades.

The stock hit an intraday high of Rs. 2435 and intraday low of 2354.85. The net turnover during the day was Rs. 34977339.

Source : Equity Bulls

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