Ipca Laboratories acquires stake in Pisgah Labs

Ipca Laboratories acquires stake in Pisgah Labs

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Ipca Laboratories Ltd has 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.

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.

The stock was up by 3% at Rs. 593.

The stock has hit a high of Rs.594 and a low of Rs.575.