Ipca Laboratories will be buying a 33.38 per cent stake in Unichem Laboratories for Rs 1,034.06 crore, IPCA has said in a stock exchange filing. 

After receiving approval from the Competition Commission of India (CCI) in accordance with the Competition Act of 2002, the shares will be purchased for Rs 440 per share. 

According to a report by a business news channel, Ipca Labs will pay for this deal out of its own internal accruals.  

In accordance with the applicable terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the board of Ipca Labs has also made an offer to the Unichem Laboratories’ shareholders to purchase nearly 26 per cent of the company’s shares for a total amount of Rs 805.44 crore. 

Ipca Labs is a globally-operating, fully-integrated pharmaceutical company that produces over 350 formulations and 80 active pharmaceutical ingredients (APIs) for a range of therapeutic areas. The pharmaceutical company is also among the biggest producers and suppliers of more than a dozen APIs worldwide. 

Unichem was founded in 1944 as a sole proprietorship firm by the late Amrut Mody, a pioneer in the Indian pharmaceutical business. Unichem is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in several countries across the globe, the major markets being the United States and Europe. 

Ipca and Unichem have said that both the companies are well positioned to successfully integrate their products and grow their businesses to the next level.