The Board of Ipca Laboratories at its meeting held on 24 November 2021 has approved the acquisition of 26.574% of the paid-up share capital of Lyka Labs and entering into a Joint Management Control Agreement with the promoters of Ipca

Ipca said it has acquired 26.574% shareholding of Lyka from the secondary market for Rs. 97.89 crore. As the next step, Ipca has also, made a public announcement to acquire 26% additional equity shares of the said company from its public shareholders under the SEBI (SAST) Regulations, 2011.

Lyka Labs is a company incorporated in the year 1976 under the Companies Act, 1956 and is engaged in the business of manufacturing and marketing of injectables, lyophilized injectables and topical formulations

For the six months ended September 30, 2021, Lyka had reported revenues of Rs 109.87 crore.

Ipca Labs said it currently does not have any business directly from lyophilized injectables. Acquisition of shareholding in Lyka Labs will enable the company to enter into lucrative lyophilized injectables business in India and the Rest of World markets.