Unichem Labs plans to consolidate US generic formulations bizz

23 Sep 2024 , 03:02 PM

Unichem Laboratories shares rose 4.2% on Monday, September 23, after the firm announced that its board of directors would meet on September 30 to discuss the integration and consolidation of all generic formulations operations in the United States into a single entity.

The company announced that its board of directors will meet on September 30 to discuss the integration and consolidation of Bayshore Pharmaceuticals LLC’s generics formulations business in the US market with Unichem Pharmaceuticals (USA) Inc.

The company informed the bourses that the trading window for its shares will be limited to designated people, directors, insiders, and their immediate relatives beginning Monday, September 23.

Bayshore Pharmaceuticals is a 100% subsidiary of Unichem Laboratories’ parent firm, Ipca Laboratories Ltd, whereas Unichem Pharmaceuticals (USA) Inc. is a wholly owned subsidiary of Unichem Laboratories. The goal of this integration effort is to merge all of Ipca Group USA’s generic formulations business into a single organisation.

The company has declared that its trading window will be closed for the aforementioned event from October 1 until 48 hours after the release of the financial results for the quarter and half year ended September 30, 2024. 

At around 1.52 PM, Unichem Laboratories was trading marginally higher at ₹646.20, against the previous close of ₹646.15 on NSE. The counter touched an intraday high and low of ₹675, and ₹620.60, respectively.

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