Ipca Laboratories said on April 24 that its board of directors has approved the acquisition of 33.38 percent of the paid-up share capital of Unichem Laboratories for Rs 1,034 crore from one of its promoter shareholders.
Ipca Laboratories has agreed to acquire the stake in Unichem Laboratories, amounting to 2,35,01,440 fully paid-up equity shares at Rs 440 per equity share, the company said in a regulatory filing.
The acquisition is subject to the fulfilment of terms and conditions as per the share purchase agreement, and statutory approvals from the Competition Commission of India, the company added.
Additionally, the company's board of directors has also given the go-ahead to make an open offer to Unichem Laboratories's public shareholders in order to purchase from them up to 26 percent of the fully diluted outstanding equity share capital of the said company for a price of Rs 440 per share aggregating to Rs 805.44 crore.
Speaking on the development, Premchand Godha, Promoter and Executive Chairman of Ipca Laboratories said, “Unichem has developed an excellent and proven quality track record with a differentiated capability which is highly complementary to Ipca’s strengths. This acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets. We both are well positioned to successfully integrate our product offerings and grow our businesses.”
Dr Prakash A Mody, Promoter and Chairman and Managing Director of Unichem Laboratories said, “We are very excited about this transaction and believe that Ipca is an ideal partner to take the 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 Ipca’s expertise in providing competitive and integrated services globally.”
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