Shares of Shilpa Medicare were trading 3% higher on 3 November after the company announced acquiring United States-based Pilnova Pharma, which has now become the company’s wholly-owned subsidiary.

Through this acquisition, the company will establish a strong front-end presence in the US market and will bring out the full potential of its niche portfolios.

Shilpa Medicare will acquire 100 shares of Pilnove Pharma, accounting for a 100% stake in the company, at a face value of $1.

In September, the company had received approval from the United Kingdom regulator to market a Meniere’s syndrome drug.

The company has also successfully completed an inspection that was conducted by the Japanese regulatory agency.

Shilpa Pharma Lifesciences’, the company’s subsidiary’s active pharmaceutical ingredient manufacturing facility at Raichur, Karnataka, had undergone a good manufacturing practice inspection that was conducted by Japan’s Pharmaceuticals and Medical Devices Agency.

At 12:22 pm, the shares of Shilpa Medicare were trading 2.69% higher at Rs 359 on NSE.