IPCA Laboratories has entered into an agreement with Avik Pharmaceutical (Avik) to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly thru subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approximately Rs 6.51 crore.
Avik is an unlisted privately held company which was incorporated in the year 1979 and is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being Steroids and male & female hormones from its manufacturing facilities situated at Vapi in the state of Gujarat.
IPCA Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations. It operates in 110 countries and its export accounts for 50% of the company’s income. Worldwide the company is one of the largest suppliers of APIs and intermediates. The company holds leadership position in Anti-malarial and Rheumatoid Arthritis area.
