Ipca Laboratories continues to strengthen its position in the United States with its subsidiary IPCA Pharmaceuticals making yet another acquisition this year.
Ipca Laboratories continues to strengthen its position in the United States with its subsidiary IPCA Pharmaceuticals making yet another acquisition this year. The company stated in an exchange notification on Wednesday that Ipca Pharmaceuticals, USA has acquired 80% share capital of New Jersey-based Bayshore Pharmaceuticals for $10.286 million in cash. Bayshore Pharmaceuticals is involved in sales and marketing of Food and Drug Administration (FDA) approved generics drug products in the USA.
It is currently engaged in selling and marketing of its own registered generics drug products as well as the registered generics drug products of other pharmaceutical companies. Bayshore Pharmaceuticals was founded in 2011 as a sales and marketing of FDA approved generics drug products in the USA.
“The acquisition of the majority stake in Bayshore by WOS will enable the company to commercialise its registered Generics Drug Products in the US market, through this entity,” the company said in an exchange notification. According to the statement, no prior governmental or regulatory approval is required for the acquisition which was completed on October 2. For the financial year-ended December 31, 2017, Bayshore posted total income of $7.05 million with an earnings before interest, tax, depreciation and amortisation (Ebitda ) of $0.56 million.
The firm’s revenues more than doubled last year compared to 2016 while the Ebitda turned positive compared to a negative Ebitda recorded in 2016. This is the second acquisition by Ipca Laboratories this year. In January, Ipca Pharmaceuticals and Onyx Scientific, UK — a wholly-owned step down subsidiary — had acquired 100% share capital of North Carolina-based Pisgah Labs for $9.65 million. Pisgah Labs was founded in 1981 as a contract manufacturer and developer of active pharmaceutical ingredients (APIs) and intermediates. For the financial year ended April 30, 2017, Pisgah had a total income of $2.89 million and Ebitda of $1.14 million.