Stock Report

Indoco Remedies Ltd acquires 8% stake in FPP Holding Company, LLC

Posted On : 2023-06-06 08:18:29( TIMEZONE : IST )

Indoco Remedies Ltd acquires 8% stake in FPP Holding Company, LLC

Indoco Remedies Limited ("Indoco"), a fully integrated, research based pharma company with a strong global presence has acquired 85% of equity stake of the US based FPP Holding Company, LLC ("FPP Holding") for USD 4 Million from Contract Pharmacal Corp. ("CPC").

FPP Holding is the holding company of Florida Pharmaceutical Products, LLC ("FPP") which is based in Florida and engaged in marketing and distribution of generic pharmaceutical products in the USA.

The strategic investment by Indoco marks a significant milestone, solidifying its position as a key player in the US market.

"This development will facilitate exchange of knowledge and best practices, further enhancing the overall competitiveness and growth potential of both organizations.

Leveraging FPP's well-established distribution network, Indoco will have a greater reach and accessibility to a wider US customer base", said Ms. Aditi Panandikar, Managing Director - Indoco Remedies Ltd.

Shares of Indoco Remedies Limited was last trading in BSE at Rs. 333.55 as compared to the previous close of Rs. 352.85. The total number of shares traded during the day was 22155 in over 2247 trades.

The stock hit an intraday high of Rs. 354.75 and intraday low of 331.10. The net turnover during the day was Rs. 7453921.00.

Source : Equity Bulls


IndocoRemedies INE873D01024 Acquisition FPPHoldingCompany