Lyka Labs selling its formulations unit at Tarapur for $6M

Mumbai-based small drug manufacturer Lyka Labs Ltd has signed a deal to sell its formulation facility at Tarapur in Maharashtra for Rs 38.61 crore (just over $6 million), as per a stock market disclosure.

The firm did not name the buyer.

Its Tarapur plant is located in the MIDC industrial estate in Thane, Maharashtra which manufactured antibacterials, antifungals,antibiotics, analgesics, enzymatics preparations, veterinary oral powder and others in the facility.

Besides Tarapur, Lyka has another manufacturing facility in Ankleshwar as well as an R&D facility at Chakala, Mumbai.

Its products portfolio includes injections, tablets, ointments and syrups. It also manufactures veterinary products including injections, powders, creams and suspensions and offers various surgical disposables, such as syringes, surgical blades, cotton crepe bandage and first aid kits.

For the fifteen month period ended June 30, 2014, the company had net sales of Rs 117.5 crore with net loss of Rs 6.58 crore.

The firm has a market cap of under Rs 43 crore.

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