Ipca Laboratories to Sell Wholly Owned Subsidiary Bayshore Pharmaceuticals for USD 4,00,000

Ipca Laboratories Ltd. announced the outcome of a recent Board Meeting, which included the decision to sell the entire shareholding of 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, a US-based company, was previously engaged in the generic pharmaceuticals marketing and distribution business in the USA, but post the sale of its product approvals and business to Unichem Laboratories Ltd. and Unichem Pharmaceuticals (USA) Inc. respectively, it is currently not doing any business and has no assets or liabilities, except for share capital and a bank balance of about USD 5,200. Bayshore, however, still holds State Licenses to distribute pharmaceuticals in the United States of America. The transaction is expected to be completed within 30 days after the signing of the agreement.