Indian pharma Ipca Labs to buy over 33% stake in Unichem

Ipca Laboratories

24/04/2023 13:44

BENGALURU, April 24 (Reuters) - Indian pharmaceutical
firm Ipca Laboratories Ltd  IPCA.NS  said on Monday it has
agreed to buy a 33.38% stake in Unichem Laboratories Ltd
 UNLB.NS  for up to 10.34 billion rupees ($126.26 million).
    Ipca, which makes paracetamol tablets under the brand name
Pacimol, is also launching an open offer to Unichem's
shareholders to buy an additional 26% stake for 8.05 billion
rupees, it said in a regulatory filing. 
    Unichem's core business includes manufacturing branded
generic drugs, while Ipca primarily makes active pharmaceutical
ingredients or key biologically active elements in a drug that
help achieve the desired health effects. 
    As part of the deal, Unichem's board will approve the
appointment of three nominees of Ipca as additional directors,
Unichem said in a separate statement. 
    Shares of Ipca closed 1.7% lower and Unichem's shares
settled 3% higher on Monday, ahead of the acquisition
announcement. 

($1 = 81.8920 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru; Editing by Devika
Syamnath)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))