Ipca Laboratories Limited's wholly owned subsidiary, Ipca Pharmaceuticals, Inc., USA has acquired, further 20% share capital of Bayshore Pharmaceuticals LLC, a New Jersey limited liability company for cash at US$ 1.2 millions.
With this acquisition, Bayshore is now wholly owned by Ipca Pharmaceuitcals, Inc., company's wholly owned subsidiary.
For its financial year ended 31st March, 2021, Bayshore had a total income of Rs.164.07 crore and EBIDTA of Rs. 15.83 crore.
The company will continue to commercialise registered generics drug products in the US market through this entity.
Bayshore Pharmaceuticals LLC (Bayshore), New Jersey, USA was originally founded in the year 2011 as a sales and marketing company of FDA approved generics drug products in the United States of America.
The company will be able to utilise Bayshore's platform for commercialisation of its registered generics drug products in the United States of America in future.