Vadodara-based Alembic Pharmaceuticals Ltd on Wednesday announced that it had acquired US-based generic drug developer Orit Laboratories LLC through its 100 percent subsidiary Alembic Pharmaceuticals Inc.
As per Alembic’s filing on BSE, the acquisition includes the real estate company Okner Realty LLC.
Based out of New Jersey, Orit Laboratories has seven approved and four pending ANDAs, with an 8,600 sq ft wide R&D and pilot manufacturing facility.
Founded by Dr. Satish Patel in 2005, Orit Laboratories is focused on developing and filing oral solid and liquid products, as per Alembic’s filing on BSE on Wednesday. Apart from existing ANDAs, Orit also brings in soft gelatin-based oral solids and oral liquids to Alembic through a team of eight ‘highly experienced’ scientists.
According to Pranav Amin, managing director of Alembic, the acquisition expands the company’s basket of product offerings, even as it establishes Alembic as a “long-term player” in the US generic market with an R&D footprint in that country.
“This marks our first cross-border transaction, especially reflecting our ambition to grow Alembic’s US generic business in a measured way which meets our internal hurdle rate,” said R K Baheti, chief financial officer, Alembic.
Source: Business-Standard 