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Ipca buys API firm Pisgah Labs
Ipca Pharmaceutical Inc. has acquired North Carolina drug ingredient firm Pisgah Labs for $9.65m.
Pisgah makes active pharmaceutical ingredients (API) and pharmaceutical intermediates at its facility in Pisgah Forest, western North Carolina.
According to a statement, Pisgah will maintain its current manufacturing plant and tradename and will work closely with Onyx Scientific, a drug ingredient firm Ipca acquired in 2011.
Ipca’s API business generated revenue of INR1.9bn ($29.7m) in its fiscal second quarter, which is an increase of 3% on the year earlier period. Sales in India fell 16% - to INR478m – while export revenue was flat at INR1.45bn.
In the past Pisgah has made APIs for Medivation, a US drug firm acquired by Pfizer in 2016.
