Ipca Laboratories Ltd said it is has acquired US-based drug manufacturer Pisgah Labs Inc. for US$ 9.65 millions free of debt.
The acquisition is aimed at establishing the company’s foothold in the US market in the field of contract research and small-volume manufacturing of active pharmaceutical intermediaries.
Pisgah Labs Inc., North Carolina, USA was originally founded in the year 1981 as a contract manufacturer and developer of active pharmaceutical ingredients (APls) and intermediates.
For the financial year ended April, 2017, the company had revenue of $2.89 million and EBIDTA, or operating profit, of $1.14 million.
In the previous year, it had revenue of 2.54 mln and the year before that, 1.41 mln.
Pisgah Labs Inc. has been a chemistry solutions provider for over three decades and will continue to operate out of its North Carolina manufacturing facility under the Pisgah trade name, it said.
Pisgah’s chemistry services capabilities “will dovetail effectively with its own capabilities in supporting Phase II to commercial scale programmes and also enable the it to manufacture small volume APls for US market.”