Ipca Laboratories to Sell Entire Shareholding in US-based Subsidiary Bayshore Pharmaceuticals LLC for USD 4,00,000

Ipca Laboratories Ltd. has announced the sale of its entire shareholding in its wholly owned step-down subsidiary, Bayshore Pharmaceuticals LLC, USA, to Centaur Pharmaceuticals USA Inc. for a lumpsum consideration of USD 4,00,000. Bayshore Pharmaceuticals LLC was earlier engaged in the generic pharmaceuticals marketing and distribution business in the USA, but post completion of transactions in September 2024, it is not doing any business and has no assets or liabilities, except share capital and a bank balance of about USD 5,200. The sale is expected to be completed within 30 days after the signing of the agreement. This transaction is not a related party transaction and does not fall under the scheme of arrangement.