Alembic Pharma buys 100 percent stake in Aleor Derma
The amalgamation will integrate business operations and provide impetus to the existing portfolio of Alembic.
Vadodara: Alembic Pharmaceuticals Limited today announced that the company has acquired the balance 40% stake in Aleor Dermaceuticals Limited from its JV Partner Orbicular Pharmaceutical Technologies Private Limited to strengthen its skin-related manufacturing and marketing footprint.
Aleor has product offerings across Cream, Gel, Ointment, Shampoo, Lotion, Solutions, Sprays, Foams, Microsponge and Nanoparticulate platform-based products. The Board of Directors of Aleor has been reconstituted with Orbicular nominees resigning from the Board. The Board of Directors of Alembic has also approved, subject to approval from NCLT and other regulatory bodies, the merger of Aleor with Alembic.
The amalgamation will integrate business operations and provide impetus to the existing portfolio of Alembic. The acquisition augers well with the strategic planning and growth trajectory set by the company to capture higher market share in various segments of its pharmaceutical business.
"The combined entity will have a bigger portfolio of products and direct access to markets, which will strengthen overall capabilities to serve more efficiently across different therapies, both overseas as well as domestic. Further the growth of business envisages adequate capital and resources commitments and hence the merger shall enable the pooling of abundant resources and impetus to the growth at a consolidated level," Alembic Pharma said in its release.
Pranav Amin, Managing Director of Alembic said "We are happy to make Aleor our 100% subsidiary and thereafter, post merger, a unit of Alembic. This will further bolster our global reach with cutting-edge research and development in the derma space and enhance our integrated dermatology platform with a comprehensive collection of scientifically-proven products for daily skincare regimens and peri-procedural use."
According to IQVIA prognosis report, the dermatology market is forecasted to grow in double digits and increase its market share within the pharma market. The acquisition will unlock the full potential of Aleor and drive significant value creation through synergies with Alembic.
Dr. M. S. Mohan, Managing Director of Orbicular said "It has been a great experience. We thank Alembic for the enriching partnership and now Orbicular would bolster its development capabilities in advancing several interesting and exciting opportunities in complex products."
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