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.
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