Bird & Bird’s India Group has advised Ipca Laboratories Limited on their first acquisition outside India.
Through its UK subsidiary, Ipca Laboratories have acquired a 100% interest in UK-based Onyx Research Chemicals Limited, which specialises in chemistry development services for the pharmaceutical industry. The transaction will enable Ipca to offer integrated services across the pharmaceutical life cycle.
IPCA Laboratories is an India-based, fully integrated pharmaceutical company manufacturing branded and generic formulations, API's and intermediates with operations in 110 countries. The company is listed on the Bombay Stock Exchange with a market cap of USD 911 million and as of March 2011 had revenues of approximately USD 419 million.
Vineet Luhariwala, CEO of Covenance, a division of Ipca commented: "It has been great working with the Bird & Bird team. We were very impressed by the tenacity they brought to discussions and their willingness to go the extra mile".