Shares of IPCA Laboratories Ltd were trading in the green and 1% higher on 23 September after they announced that the Board of Directors of the company are set to meet on 30 September to consider integration and consolidation of the generics formulations business in the US market.

In its regulatory filing, the company said, “A meeting of the Board of Directors of the Company will be held on Monday, 30 September, 2024, to consider, inter-alia, integration and consolidation of the generics formulations business in the US market of M/s. Bayshore Pharmaceuticals LLC (wholly owned step-down subsidiary) into Unichem Pharmaceuticals (USA) Inc. (wholly owned subsidiary of Company’s subsidiary) so as to consolidate all the Ipca Group’s USA generics formulations business under one entity.”

Moreover, Unichem Laboratories Ltd is also looking to consolidate its generics formulation business in the US market. 

Earlier last year, the pharma company acquired an additional 19.29% stake in Unichem Laboratories through an open offer for Rs 597.5 crore, increasing its stake in Unichem Labs to 52.67% and making it a subsidiary of the company. 

Unichem has a large basket of branded generics and APIs (active pharmaceutical ingredients), which Unichem markets in several countries around the world with US and Europe being its major markets. 

At 3:01 pm, the shares of IPCA Laboratories were trading 1.44% higher at Rs 1,455.25 on NSE.

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