Mumbai-based pharmaceutical company Ipca Laboratories Ltd has acquired 100 per cent stake in Onyx Research Chemicals, the holding company of Onyx Scientific Ltd, according to a company statement. The acquisition of Onyx, a UK-based pharmaceutical service firm, has been done through its wholly owned subsidiary Ipca Laboratories, UK, for £4.6 million or Rs 34 crore.
Onyx Scientific has been a chemistry solutions provider for over a decade and will continue to operate out of Silverbriar (Sunderland, UK) under the trade name of Onyx Scientific. Onyx, founded in 2000, is a supplier to large pharma and biotech firms. It offers custom synthesis, solid state chemistry, scale up and cGMP manufacturing.
Onyx Scientific had a total income of £3.85 million (Rs 28.45 crore), with an EBIDTA margin of 17 per cent at £0.65 million (Rs 4.8 crore) for its financial year ending March 31, 2011.
“Its capabilities in chemistry services for medicinal, preclinical and phase I/II programmes will dovetail effectively with Ipca’s capabilities in supporting Phase II to commercially scale up programmes,” a statement from Ipca said.
The share price of Ipca was trading on the BSE at Rs 324.9 per unit, marginally up 1.21 per cent at 12:41 pm.
Ipca has recently reported 26.8 per cent increase in its Q1FY12 revenues to Rs 529.9 crore, with profit after tax coming at Rs 61.7 crore.