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Alembic Pharmaceuticals Ltd announced that through its 100% owned subsidiary, Alembic Pharmaceuticals Inc., it has completed acquisition of West Caldwell, New Jersey, U.S.A. based generic drug developer Orit Laboratories LLC (“Orit”) along with real estate, owned by Okner Realty LLC (“Okner”).
Established in August 2005 by Dr. Satish “Tish” Patel (“Dr. Patel”), Orit has seven approved ANDAs and four ANDAs pending approval. With a state-of-the-art 8,600 square feet R&D and pilot manufacturing facility, Orit is focused on developing and filing oral solid and liquid products. Apart from the existing ANDAs, Orit adds complementary skill sets in soft gelatin based oral solids and oral liquids to Alembic with a team of eight highly experienced scientists.
On this occasion, Mr. Pranav Amin, Managing Director of Alembic, said “we welcome Dr. Satish Patel, Founder and CEO of Orit, and his impressive team to the Alembic family. We are very excited to have Dr. Patel’s vast experience and proven expertise in the US generic pharmaceuticals industry, which will aid in creating additional value for our shareholders.” Further, Mr. Amin said “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.”
Mr R. K. Baheti, Alembic’s CFO said, “this tuck-in acquisition marks our first cross border transaction, especially reflecting our ambition to grow Alembic’s US generic business in a measured way which meets our internal hurdle rate.”
Dr. Satish Patel added, “I am very pleased that Orit is now a part of Alembic. I have personally and professionally known and admired Alembic as well as its Promoters,the Amin family for a long time. Alembic is company truly built on the pillars of quality, ethics, and value creation - which align with Orit team. My team and I look forward to collaborating with Alembic colleagues and creating value.” With this acquisition, Alembic will now have a total of 69 ANDA approvals (61 final and 8 tentative) from the USFDA.
Financial details of the transaction were not disclosed. Proximare Inc. acted as strategic advisors to Orit Laboratories LLC and Okner Realty LLC.
