Mumbai-based Ipca Laboratories announced the acquisition of a 100 percent share capital of Pisgah Labs Inc., a North Carolina corporation, by the company’s wholly owned subsidiary Ipca Pharmaceutical Inc., U.S.A., and Onyx Scientific Ltd., U.K. (Ipca Labs’ wholly-owned step-down subsidiary) for $9.65 million, free of debt.
Since its incorporation in 1981, Pisgah has been a contract manufacturer and developer of active pharmaceutical ingredients and intermediates. For the financial year ended April 30, 2017, Pisgah Labs accrued a total income of $2.89 million and EBIDTA of $1.14 million.
“Onyx and Pisgah’s capabilities in chemistry services will dovetail effectively with the company’s capabilities in supporting Phase II to commercial scale programs and also enable the company to manufacture small volume active pharmaceutical ingredients for the U.S. market,” a company statement said.
