Ipca Labs arm acquires 80% stake in US-based Bayshore Pharma for $10.286 mn

Mumbai-based pharma company Ipca Labs on Wednesday said its subsidiary Ipca Pharmaceuticals Inc, USA, had acquired 80 per cent share capital of New Jersey-headquartered generic drug major Bayshore Pharmaceuticals Llc for $10.286 million.

“The company's wholly-owned subsidiary, Ipca Pharmaceuticals Inc, USA, has acquired, on 2 October, 2018, 80 per cent share capital of Bayshore Pharmaceuticals LLC, a New Jersey limited liability company @ $10.286 millions,” Ipca Labs informed stock exchanges in a statement.

Bayshore had reported a total income of $7.05 million and earnings before interest, depreciation tax and amortisation (Ebidta) of $0.56 million, for the year ended December 31, 2017.

The acquisition of a majority stake in Bayshore will allow the company to commercialise its registered generic drug products in the US market.