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Alembic acquires US generic drug developer Orit Laboratories

By TEAM VCC

  • 01 Nov 2017
Alembic acquires US generic drug developer Orit Laboratories
Credit: Thinkstock

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.

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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.

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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.

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