Mumbai-based pharmaceuticals company Ipca Laboratories will complete the purchase of a 4.03 percent stake by April 30, 2021, in ABCD Technologies LLP (which will be renamed as IndoHealth Services LLP), stated the pharma company in its filing, as reported by The Free Press Journal. The pharma company will be investing Rs 25 crore in ABCD Technologies.
Ipca Laboratories is a pharmaceutical company based in Mumbai, India. It produces Theobromine, Acetylthiophene, and P-Bromo Toluene as Active Pharmaceutical Ingredients (APIs). Ipca sells these APIs and their intermediates around the world. It produces more than 150 formulations that include oral liquids, tablets, dry powders, and capsules. The various kinds of drug intermediates that the company manufactures go to over 36 countries of Asia, Africa, CIS, and South America, including Cambodia, Kazakhstan, Kenya, Mauritius, Myanmar, Nigeria, Oman, Russia, Sri Lanka, Sudan, Tanzania, Ukraine, Vietnam, and Yemen. It has also got certification from the US Food and Drug Administration (FDA) and UK-Medicines and Healthcare products Regulatory Agency (MHRA).
Also, Read This: PLI Scheme: Modi Govt Approved 33 API Applications With Investment Worth INR 5,082 Crores
Before Ipca Laboratories, drug majors Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma in March this year subscribed to partnership interest in healthcare services firm ABCD Technologies. The four pharma majors are investing Rs 40 crore each in ABCD Technologies which is a recently incorporated limited liability partnership and has not commenced any business activities.
Ipca Laboratories informed the exchange, “The target entity (ABCD Technologies) is a limited liability partnership that has various partners. The target entity will, through its investment entities, engage in the objective of digitizing healthcare infrastructure in India.” It is a cash infusion deal between Ipca Laboratories and ABCD Technologies.
The pharma company stated the objective of this association was to facilitate, enable and promote efficiency and Good Distribution Practices (‘GOP’) including digitizing healthcare infrastructure in India, in support of the National Digital Health Mission of the Government of India.
Meanwhile, ABCD Technologies has invested in DigiHealth Technologies LLP, Pharmarack Technologies Private Limited, Trikaal Mediinfotech Private Limited, and AIOCD Pharmasofttech Awacs Private Limited stated Ipca Laboratories in its filing to exchange.
