Bayshore Pharmaceuticals LLC., a subsidiary of IPCA Laboratories Ltd., is set to sell the rights, titles and interest in the product approvals and goodwill associated with nine of its abbreviated new drug applications to Unichem Laboratories Ltd. for a total sum of $2.65 million, according to an exchange filing on the BSE.
This is to be done through an asset sale agreement, which will be subject to necessary consents or approvals from Unichem India and was approved by the board of directors of the US-based company.
The board also approved the transfer of their US operations in the generic formulations sector to Unichem USA through a slump sale of $10 million, with all associated assets and goodwill and without any debts attached.
The agreement will be entered into on or around Oct. 1, 2024.
It is expected to be completed within 30 days after the signing of the agreement.
The transactions would fall under related party transactions and the transactions have been carried out on an arm's length basis.
Shares of Unichem Laboratories closed 3% higher at Rs 665.35 apiece on the BSE, compared to a 1.49% decline in the BSE Sensex.
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