Ipca Labs arm acquires majority stake in Bayshore Pharmaceuticals for $10.28 mn
Ipca Laboratories Ltd, a pharmaceutical company, has acquired 80% stake in the US drug marketing company Bayshore Pharmaceuticals LLC by its arm for $10.28 million in cash.
The acquisition will enable Ipca's wholly-owned subsidiary to commercialise its registered generics drug products in the US market.
Ipca Laboratories said, "Its wholly owned subsidiary, Ipca Pharmaceuticals Inc., USA, has acquired, on October 2, 2018, 80 per cent share capital of Bayshore Pharmaceuticals LLC, a New Jersey limited liability company, for cash USD 10.286 million."
This is the second acquisition of Ipca Labs this year. Earlier, it had bought Pisgah Labs, an American pharmaceutical company, for $9.65 million.
Founded in 2011, Bayshore sells and markets its own registered generics drugs as well as those of other pharmaceutical companies.