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The board of Ipca Labs has approved the acquisition of 26.574 per cent of the paid-up share capital of Lyka Labs Limited and entered into a joint management control agreement with the promoters of Lyka Labs. Ipca said it had acquired 26.574 per cent of Lyka from the secondary market for Rs. 97.89 crores. Shares of Ipca Labs were trading 1 per cent lower at Rs 2037.80, while Lyka was locked in a 5 per cent upper circuit compared to a 0.5 per cent gain in the Nifty pharma index.
Consequent to this acquisition of shares, Ipca Labs has also made a public announcement to acquire 26 per cent additional equity shares of the Lyka from its public shareholders under the SEBI Regulations.
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Pharmaceutical company Lyka Labs Ltd. was incorporated in 1976 under the Companies Act, 1956 and is engaged in manufacturing and marketing injectables, lyophilized injectables and topical formulations. Lyka’s manufacturing facility is situated at Ankleshwar, Gujarat. The company’s primary business is from India and the rest of the world (ROW) markets. Products of the company are registered in
several countries.
For the six months ended September 30, 2021, Lyka had reported revenues of Rs 109.87 crore.
Ipca Labs said it currently does not have any business directly from lyophilized injectables. Acquisition of shareholding in Lyka Labs will enable the company to enter into lucrative lyophilized injectables business in India and the rest of world markets, Ipca said.
Stock Covered in the news
