Ipca Laboratories to Consolidate US Generics Business; Shares Up 1%

23 Sep 2024 , 03:01 PM

Shares of Ipca Laboratories Ltd. rose over 1% on Monday following the announcement of a board meeting scheduled for September 30, 2024.

At the time of writing on September 23, 2024, at 2:41 pm, Ipca Laboratories Ltd stock is trading at ₹1455.55, reflecting a 1.45% gain from the previous closing price. Over the past year, Ipca Laboratories Ltd stock has witnessed a 63% gain, and it has gained 30% since the beginning of the current year.

The meeting will focus on integrating and consolidating the generics formulations business in the US market, specifically involving Bayshore Pharmaceuticals LLC and Unichem Pharmaceuticals (USA) Inc.

This consolidation aims to streamline all of Ipca Group’s US generics formulations under a single entity, enhancing operational efficiency.

The trading window for insiders is currently closed from September 23, 2024, until 48 hours after the company releases its unaudited financial results for the second quarter and half-year ending September 30, 2024.

Unichem Laboratories Ltd. is also expected to consider similar consolidation efforts in the US generics market. Last year, Ipca Laboratories acquired a 19.29% stake in Unichem Laboratories for ₹597.5 crore, increasing its ownership to 52.67%.

Unichem Laboratories specializes in branded generics and active pharmaceutical ingredients (APIs), marketing its products in various countries, including major markets in the US and Europe.