Ipca Laboratories has decided to sell its entire shareholding in its US step-down subsidiary, Bayshore Pharmaceuticals LLC, to Centaur Pharmaceuticals USA Inc. for USD 4,00,000. Bayshore, no longer conducting business, previously sold its assets and generic formulations business in September 2024. The sale aims to eliminate compliance costs associated with maintaining a non-operational entity, pending due diligence and approvals.
Subsidiary Stake Divestment
Ipca Laboratories is set to divest its entire stake in Bayshore Pharmaceuticals LLC, a US-based step-down subsidiary, to Centaur Pharmaceuticals USA Inc. for a total consideration of USD 4,00,000. This decision comes after Bayshore ceased business operations following the sale of its assets and generic formulations in September 2024.
Background of Bayshore Pharmaceuticals
Bayshore Pharmaceuticals, formerly a subsidiary engaged in the marketing and distribution of generic pharmaceuticals in the USA, underwent significant restructuring in September 2024. All product approvals were sold to Unichem Laboratories Ltd., and its generic formulations business was transferred to Unichem Pharmaceuticals (USA) Inc. Currently, Bayshore holds minimal assets, primarily share capital and a small bank balance.
Rationale for the Sale
The primary motive behind selling Bayshore is to eliminate the ongoing compliance costs associated with maintaining a non-operational company. Ipca Pharmaceuticals Inc., USA, the direct parent company of Bayshore, has resolved to sell its entire shareholding, subject to standard due diligence and necessary approvals. The agreement for sale is expected to be entered into around January 20, 2026, with completion anticipated within 30 days of signing.
Registered Office Address Update
Ipca Laboratories also announced an update to its registered office address to include the district detail on the MCA website. This update aims to facilitate the filing of online Industrial Entrepreneur Memorandum (IEM) applications. There is no physical change to the registered office address.
Source: BSE
