M&A
Ipca acquires 27% stake in Lyka Labs for Rs.98-Cr; plans open offer for addl 26% stake
Mumbai-based, publicly listed Ipca Labs has acquired 26.6% of the paid-up share capital of Ankleshwar, Gujarat-based, listed pharmaceutical company Lyka Labs Ltd, and is to enter into a joint management control agreement with the promoters of Lyka Labs. Ipca has acquired the 26.6% stake in Lyka from the secondary market for INR 97.89 crore. It has also made a public announcement to acquire an additional 26% stake from Lyka public shareholders, in line with Sebi norms. Lyka Labs manufactures and markets injectables, lyophilized injectables and topical formulations. Its manufacturing facility is located at Ankleshwar. For the six months ended September 30, 2021, the company reported revenues of INR 109.87 crore.
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