India's Lyka Labs rises as bigger rival IPCA plans to buy stake

Ipca Laboratories

24/11/2021 04:26

** Shares of Indian bulk drugs manufacturer Lyka Labs
 LYKA.NS  gain as much as 5% to hit upper circuit at 135 rupees,
their highest since Nov 30, 2015 
    ** Bigger rival IPCA Laboratories  IPCA.NS  to acquire
26.57% stake in Lyka for 978.9 mln rupees ($13.14 mln)
 urn:newsml:reuters.com:*:nFWN2SE12G
    ** IPCA shares gain as much as 2.2% to 2,101.85 rupees
    ** IPCA to also enter into joint management control
agreement with LYKA's promoters and make public announcement to
acquire 26% additional stake in LYKA from public shareholders
    ** IPCA currently does not have any business directly from
lyophilized injectables. Acquisition of this shareholding will
enable the company to enter into lucrative lyophilized
injectables business in India and rest of the world markets -
IPCA statement https://bit.ly/3l3sIjW
    ** Up to Tuesday's close, LYKA stock more than quadrupled in
value YTD, while IPCA down 6.1% YTD  

     ($1 = 74.5200 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))