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Shares of Alembic Pharmaceuticals gained nearly 2 per cent in Wednesday's trade as the company through its wholly-owned subsidiary has completed the 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 the 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.
After opening higher at Rs 506 against the previous close of Rs 504.10, the drug maker shares touched an intraday high of Rs 513 and a low of Rs 500.05.
However, the company shares wiped off their gains and ended down by 0.42 per cent at Rs 502 on the BSE. On the NSE, the stock closed down by 0.34 per cent at Rs 503.05.
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 69 ANDA approvals from the US health regulator USFDA.
(With inputs from PTI)
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