Alembic Pharma completes US-based Orit Lab acquisition

New Delhi: Drug firm Alembic Pharmaceuticals through its wholly-owned subsidiary has completed acquisition of US-based generic drug developer Orit Laboratories LLC for an undisclosed sum.

"Alembic Pharmaceuticals through its 100 per cent owned subsidiary, Alembic Pharmaceuticals Inc, has completed acquisition of West Caldwell, New Jersey USA-based generic drug developer Orit Laboratories LLC along with real estate, owned by Okner Realty LLC," the company said in a regulatory filing today.

Alembic Pharmaceuticals said Orit, focused on developing and filing oral solid and liquid products, has seven approved abbreviated new drug application (ANDA) and four ANDAs pending approval.

"This acquisition expands our basket of product offerings to our customers, shows our commitment to be a long-term player in the US generic industry and will help us have powerful R&D footprint in the US," Alembic Managing Director Pranav Amin said.

Alembic Pharmaceuticals said that with this acquisition, the company will now have a total of 69 ANDA approvals from the US health regulator USFDA.

Stock of Alembic Pharmaceuticals was trading 1.21 per cent up at Rs 510.20 on the BSE.