Board of Ipca Laboratories approves consolidation of USA generic formulations biz

At meeting held on 30 September 2024

The Board of Ipca Laboratories at its meeting held on 30 September 2024 has approved entering into the following agreements by Bayshore Pharmaceuticals LLC, USA (Bayshore) (wholly-owned step down subsidiary) with Unichem Laboratories (Unichem India) (subsidiary company) and Unichem Pharmaceuticals (USA) Inc (Unichem USA) (wholly owned subsidiary of Unichem India), so as to integrate and consolidate all the Ipca Group's USA generic formulations business under one entity:

a) Sale of all rights, title and interest in the product approvals and all goodwill associated with nine (9) ANDAs owned by Bayshore for US Dollar Two Million Six Hundred Fifty Thousand ($2,650,000) through asset sale agreement subject to necessary consents/ approvals to Unichem India; and

b) Sale of all generic formulations marketing / distribution business of Bayshore in the US market as a going concern through slump sale/transfer of entire business (debt free) and all goodwill associated with the business through business sale agreement for US Dollar Ten Millions ($10,000,000) to Unichem USA.

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