Indoco Remedies acquires Micro Labs' plant in Baddi

 Research-oriented pharma company Indoco Remedies today said it has acquired Bengaluru-based Micro Labs Ltd's manufacturing plant at Baddi in Himachal Pradesh for an undisclosed sum.

PTI| Last Updated: Sep 21, 2016, 13:59 PM IST

New Delhi: Research-oriented pharma company Indoco Remedies today said it has acquired Bengaluru-based Micro Labs Ltd's manufacturing plant at Baddi in Himachal Pradesh for an undisclosed sum.

"Indoco Remedies has acquired the manufacturing facility located at Baddi of Micro Labs Ltd," the company said in a BSE filing.

It further said: "The acquired site is close to Indoco's existing manufacturing plant in Baddi. Baddi, thus will be another manufacturing hub for Indoco's solid dosages business in the regulated markets."

With the latest acquisition, the company will now have six facilities for finished dosages and three for Active Pharmaceutical Ingredients (APIs).

Shares of Indoco Remedies were trading 3.22 per cent higher at Rs 340.05 apiece on BSE.