Unichem Laboratories’ share price rushed up to 4.15% at $8.04 per share on the BSE in Monday’s intraday trade.
The stock price of the company jumped after it revealed the plans to consolidate its US genetics formulations.
The board of directors of the company on 30-th September 2024 will consider the inter-alia, integration, and merger of the generics formulations business in the US market.
The Bayshore Pharmaceuticals LLC turns into Unichem Pharmaceuticals (USA) Inc. As far as reducing the Ipca Group’s USA generics formulations business under a single entity.
The company said it was an exchange filing on Monday.
Ipca Laboratories shares and the majority shareholders in Unichem Laboratories zoomed 1.14% higher on the BSE by $ 17.36 per share in a day.
Ipca Laboratories acquired a majority stake in Unichem Laboratories. This makes it a subsidiary in August 2023 Ipca purchased nearly 33.38% of Unichem’s equity shares.
That triggered an open offer through September 2023 Ipca received approval from the Competition Commission of India.
Unichem Laboratories runs through four divisions namely Unichem Specialities Division Unisearch Division Unichem Pharma Division and Neu-Foreva Division.
The company’s headquarter is based in Mumbai with five different manufacturing facilities. The share trading at the price of earning multiple of -82.54 times. It is 52 weeks higher than the company shares with $8.30/share.
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