January 17, 2018, Mumbai, India – Ipca Laboratories Ltd. is pleased to announce the acquisition of 100% share capital of Pisgah Labs Inc., a North Carolina Corporation, Old Hendersonville Highway, Pisgah Forest, North Carolina, USA (Pisgah) by Ipca Pharmaceutical Inc., USA (Company’s wholly owned subsidiary) and Onyx Scientific Ltd., U.K (Onyx) (Company’s wholly owned step down subsidiary) for US$ 9.65 millions free of debt.
Pisgah Labs Inc., North Carolina, USA was originally founded in the year 1981 as a contract manufacturer and developer of active pharmaceutical ingredients (APls) and intermediates.
Pisgah Labs Inc. has been a chemistry solutions provider for over three decades and will continue to operate out of its North Carolina manufacturing facility under the Pisgah trade name. Onyx and Pisgah’s capabilities in chemistry services will dovetail effectively with Company’s capabilities in supporting Phase /I to commercial scale programmes and also enable the Company to manufacture small volume APls for US market.
For the financial year ended 30th April, 2017, Pisgah had a total income of US $ 2.89 millions and EBIDTA of US $1.14 million.
Ipca Laboratories is a vertically integrated pharmaceutical company with a strong thrust on exports which now account for nearly 47% of Company’s income.
Harish Kamath, Corporate Counsel & Company Secretary,
Ipca Laboratories Ltd, 125 Kandivli Industrial Estate, Kandivli West, Mumbai 400067, India
Phone – +91-22-6210 6050, Fax – +91-22-2868 6954, Email- email@example.com