Market Performance
- On Wednesday, Alembic Pharma's share price closed at ₹991, reflecting a 2.08% decline.
- Year-to-date, the stock has dropped approximately 6%.
This fall comes in the backdrop of a strategic expansion move by the company aimed at the US pharmaceutical market.
Main News: $12 Million Acquisition to Strengthen UTI Drug Portfolio
Alembic Pharmaceuticals Inc., a wholly owned subsidiary of Alembic Pharmaceuticals Ltd., announced the acquisition of Utility Therapeutics Ltd.
- The acquisition is valued at $12 million
- The deal will conclude within the next 30 days
- It grants 100% ownership of Utility Therapeutics to Alembic Pharma
This strategic move is targeted at expanding Alembic's urinary tract infection (UTI) treatment portfolio in the United States.
Company Details
Utility Therapeutics is a pharmaceutical company focused on the development and approval of branded UTI medications. With this acquisition, Alembic Pharma gains access to both FDA-approved and pipeline products developed by Utility.
Notably:
- No related-party transactions were involved
- No promoter participation occurred in the deal
Earlier, on June 30, Alembic Pharmaceuticals had secured final US FDA approval for its abbreviated new drug application (ANDA) for Doxorubicin Hydrochloride Liposome Injection.
This injection is used for the treatment of:
- Ovarian Cancer
- AIDS-related Kaposi Sarcoma
- Multiple Myeloma
Summary of the Article
- Alembic Pharma share price declined by 2.08%, ending at ₹991 on Wednesday.
- The dip followed the announcement of a $12 million acquisition of UK-based Utility Therapeutics by Alembic's US subsidiary.
- The move aims to boost Alembic's footprint in the UTI treatment space within the US market.
- The acquisition includes 100% ownership, with no involvement from promoters or related parties.
- Additionally, the company has recently received US FDA approval for a key oncology drug, enhancing its US product lineup.
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