New Delhi [India], Apr 25 (ANI): Pharmaceuticals major Ipca Laboratories has entered into a pact to buy Maharashtra-based Ramdev Chemical for Rs 108.5 crore.
"The acquisition of Ramdev Chemical will help Ipca Labs to grow its API business by adding new molecules in its products basket with the possibility of forward integrating such products in its dosage formulations business for the world market," Ipca said in a statement.
Ramdev Chemical is engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients (APIs).
Ipca Labs has entered into a share purchase agreement to acquire 100 per cent paid-up share capital of Ramdev Chemical, it informed stock exchanges in regulatory filings.
Ipca is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments. It has been partnering with healthcare companies in over 120 countries and in markets across the United States, Europe, Australia, Asia and Africa.
In the financial year ended March 31, 2018, it reported net income of Rs 3,259 crore and net profit of Rs 233 crore. (ANI)