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Alembic Pharmaceuticals subsidiary acquires generic drug developer Orit Laboratories.

M2 EQUITYBITES-November 1, 2017-Alembic Pharmaceuticals subsidiary acquires generic drug developer Orit Laboratories

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A wholly-owned subsidiary of Indian multinational drug firm Alembic Pharmaceuticals (NSE: APLLTD) has successfully acquired US-based generic drug developer Orit Laboratories LLC for an undisclosed sum, the company said in a regulatory filing on Wednesday.

Alembic Pharmaceuticals stated that Orit, whose primarily focus is to develop and file oral solid and liquid products, has seven approved abbreviated new drug applications (ANDAs) as well as 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 commented.

Alembic Pharmaceuticals is a growing firm. After this acquisition, the company's portfolio will feature a total of 69 ANDA approvals from the US Food and Drug Administration (FDA).

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Date:Nov 1, 2017
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