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NEW DELHI: Ipca Laboratories on Monday said it has inked a pact to acquire 33.38 per cent stake in Unichem Laboratories from one of its promoters for Rs 1,034.06 crore.
As per a share purchase agreement, Ipca will acquire 2,35,01,440 shares of Unichem from one of its promoters at a price of Rs 440 per share aggregating to Rs 1,034.06 crore, the companies said in a joint statement.
Ipca is also making an open offer to the public equity shareholders of Unichem to acquire up to 26 per cent of the fully diluted outstanding equity share capital at a price of Rs 440 per share, it added.
The transaction is subject to approval from the CCI.
“Unichem has developed an excellent and proven quality track record with a differentiated capability which is highly complementary to lpca’s strengths.This acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets,” lpca Laboratories promoter and executive chairman Premchand Godha said.
The companies are well positioned to successfully integrate their product offerings and grow businesses, he added.
Unichem Laboratories Promoter and Chairman and Managing Director Prakash A Mody said lpca is an ideal partner to take business of Unichem through its next phase of growth.
“For Unichem, employees and customers have been core to its business and I strongly believe, they will benefit from lpca’s expertise in providing competitive and integrated services globally,” he added.
Established in 1949, lpca has a strong presence in overseas market with exports now accounting for nearly 50 per cent of its income. A vertically integrated drug firm, it produces finished dosage forms and active pharmaceutical ingredients.
Unichem Laboratories produces and markets a large basket of pharmaceutical formulations in several countries across the globe including US and Europe.
Shares of Ipca Laboratories on Monday ended 1.87 per cent down at Rs 825.55 apiece on the BSE.
Unichem shares ended 2.55 per cent up at Rs 386.80 apiece on the BSE
As per a share purchase agreement, Ipca will acquire 2,35,01,440 shares of Unichem from one of its promoters at a price of Rs 440 per share aggregating to Rs 1,034.06 crore, the companies said in a joint statement.
Ipca is also making an open offer to the public equity shareholders of Unichem to acquire up to 26 per cent of the fully diluted outstanding equity share capital at a price of Rs 440 per share, it added.
The transaction is subject to approval from the CCI.
“Unichem has developed an excellent and proven quality track record with a differentiated capability which is highly complementary to lpca’s strengths.This acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets,” lpca Laboratories promoter and executive chairman Premchand Godha said.
The companies are well positioned to successfully integrate their product offerings and grow businesses, he added.
Unichem Laboratories Promoter and Chairman and Managing Director Prakash A Mody said lpca is an ideal partner to take business of Unichem through its next phase of growth.
“For Unichem, employees and customers have been core to its business and I strongly believe, they will benefit from lpca’s expertise in providing competitive and integrated services globally,” he added.
Established in 1949, lpca has a strong presence in overseas market with exports now accounting for nearly 50 per cent of its income. A vertically integrated drug firm, it produces finished dosage forms and active pharmaceutical ingredients.
Unichem Laboratories produces and markets a large basket of pharmaceutical formulations in several countries across the globe including US and Europe.
Shares of Ipca Laboratories on Monday ended 1.87 per cent down at Rs 825.55 apiece on the BSE.
Unichem shares ended 2.55 per cent up at Rs 386.80 apiece on the BSE
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