Alembic Pharmaceuticals Ltd said on Wednesday it has bought US-based generic drug developer Orit Laboratories LLC from Okner Realty LLC in its first cross-border acquisition.
The acquisition increases Alembic’s US product portfolio with seven approved and four pending Abbreviated New Drug Applications (ANDA), the Vadodara, Gujarat-based drugmaker said in a statement. Alembic will now have 69 ANDA approvals from the US Food and Drug Administration, it added.
The company didn't disclose financial details of the deal.
Orit, based in New Jersey, was founded in 2005 by Satish Patel. It has an 8,600 square feet R&D and pilot manufacturing facility. Patel will join Alembic Group along with eight other scientists.
Alembic said Orit will also bring complementary skills sets in soft gelatin-based oral solid and liquid products.
“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 a powerful R&D footprint in the US,” Alembic managing director Pranav Amin said.
Alembic finance chief RK Baheti said that the “tuck-in acquisition” reflects the company's ambition to grow its US generics business in a measured way.
Proximare Inc. acted as the strategic adviser to Orit and Okner.