Ipca Laboratories, a Mumbai-based drug-maker, announced that the board has approved acquisition of 26.574% of the paid-up share capital of Lyka Labs and has entered into a Joint Management Control Agreement with the Promoters of Lyka Labs. The cost of acquisition is Rs 978.9 million.

Consequent to this acquisition of shares, the Company has also made a public announcement to acquire 26% additional equity shares of the said company from its public shareholders under the SEBI (SAST) Regulations, 2011.

Shares of the company gained Rs 24.55, or 1.19%, to settle  at  Rs 2,082.25  The total volume of shares traded  was 14,650 at  the BSE (Wednesday).