Alembic Pharmaceuticals Acquires Utility Therapeutics Ltd for $12mn

Alembic Pharmaceuticals Inc., wholly owned subsidiary of Alembic Pharmaceuticals Limited, has acquired Utility Therapeutics Ltd. The acquisition does not fall under related party transaction and the promoter/promoter group/group companies have no interest in the entity being acquired. The objects of the acquisition include marketing of USFDA approved products and under-development products in the US market. The acquisition cost is approximately $12mn, to be paid in a staggered manner over a period of time, depending on milestones achieved. Utility Therapeutics is involved in the development of pharmaceutical products for the treatment of urinary tract infections, with 'Pivya' being an FDA approved product for uncomplicated UTIs in the US market and 'MEC' being a product in development for the treatment of complicated UTIs in the US market. The acquisition is expected to be completed in approximately 30 days.