Alembic buys UTI-focused Utility Therapeutics in USD 12 million deal
Vadodara: Alembic Pharmaceuticals Inc., a wholly owned subsidiary of Alembic Pharmaceuticals Limited, has acquired a 100 percent stake in Utility Therapeutics Ltd, a pharmaceutical company focused on treatments for urinary tract infections (UTIs).
The strategic acquisition is aimed at marketing both USFDA-approved and under-development products owned by Utility in the United States.
In a regulatory filing with the BSE, Alembic confirmed that the acquisition will be completed within approximately 30 days. The total consideration is structured as a cash payment along with a profit share out of future profits.
The acquisition is valued at around USD 12 million, to be paid in a staggered manner over period of time, depending on milestone achievements.
Alembic stated that the the proposed acquisition of Utility (by wholly owned subsidiary i.e. Alembic Pharmaceuticals Inc.) does not fall under related party transaction.
The promoter / promoter/ promoter group are not interested in the transaction.
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Headquartered in India, Alembic Pharmaceuticals Limited is a vertically integrated research and development pharmaceutical company. It is a publicly listed company that manufactures and markets generic pharmaceutical products all over the world. Alembic's state of the art research and manufacturing facilities are approved by regulatory authorities of many developed countries including the USFDA.
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