Earlier on 24 April 2023, Ipca Laboratories entered into a definitive share purchase agreement (SPA) for acquisition of 2,35,01,440 fully paid-up equity shares of Rs 2 each, constituting 33.38% of the paid up equity share capital of Unichem Laboratories from one of its promoter shareholder at price of Rs 440 per equity share aggregating to Rs 1,034.06 crore.

The company also made an open offer to the public equity shareholders of Unichem to acquire from them upto 26% of the fully diluted outstanding equity share capital at a price of Rs 440 per share at aggregating to Rs 805.44 crore.

Ipca Laboratories is a pharmaceutical company with a strong thrust on exports which now account for 47% of company's income. IPCA is vertically integrated and produces finished dosage forms and active pharmaceutical ingredients.

Unichem Laboratories is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in several markets across the world.

Shares of Ipca Laboratories advanced 3.88% to Rs 859.40 and Unichem Laboratories rose 1.32% to Rs 385.10 on the BSE.