Ipca Labs inks pact to acquire 50 pct stake in Avik Pharma

PTI Posted online: Monday, Nov 18, 2013 at 0000 hrs
New Delhi : Ipca Laboratories today said it has entered into an agreement with Avik Pharmaceutical Ltd to acquire 50 per cent stake in the firm.

"The company has entered into an agreement with Avik Pharmaceutical Ltd to acquire 50 per cent of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approx Rs 6.51 crore," Ipca Laboratories said in a filing to the BSE.

Incorporated in 1979, Avik, a privately held company, is engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs), it added.

Ipca is a fully-integrated pharmaceutical firm that manufactures over 350 formulations and 80 APIs for various therapeutic segments.

Ipca Laboratories scrip closed at Rs 683.05, up 0.42 per cent, on the BSE.