IPCA Labs to buy 33.4% stake in Unichem Laboratories for Rs 1,034 crore

Pharmaceuticals firm Ipca Laboratories Limited signed a definitive agreement on Monday to acquire 33.38 per cent stake in Unichem Laboratories for Rs 1,034.06 crore, the company made announcement through an exchange filing.

The shares will be purchased at the cost of Rs 440 per share post the approval from the Competition Commission of India under the Competition Act, 2002.

IPCA Labs will fund this agreement from its internal accruals, according to CNBC TV18 report.

However, the deal is subject to approval from Competition Commission of India (CCI).

The board of Ipca Labs also made an offer to the shareholders of Unichem Laboratories to acquire close to 26 per cent share for the cost of Rs 440 per share aggregating to Rs 805.44 crore under the relevant provisions of Sebi (Substantial Acquisition of shares and Takeovers) Regulations, 2011.

Ipca Labs is a fully-integrated pharmaceutical company in more than 120 countries and it manufactures over 350 formulations and 80 active pharmaceutical ingredients (APIs) for various therapeutic segments. The drug firm is also one of the world’s largest manufacturers and suppliers of over a dozen APIs.