Ipca Laboratories acquires US-based API developer Pisgah Labs for $9.65 mn

Ipca Laboratories today said 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 per cent share capital of Pisgah Labs Inc, a North Carolina Corporation" by Ipca Pharmaceutical Inc, USA and Onyx Scientific Ltd., U.K (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 (APls) and intermediates, will continue to operate out of its North Carolina manufacturing facility under the Pisgah trade name.

Pisgah Labs Inc had a total income of $2.89 million for the financial year ended April 30, 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 per cent of its income.

Shares of Ipca Laboratories were trading 1.66 per cent higher at Rs 583 on BSE.