Alembic Pharmaceuticals acquires US-based Orit Labs
DSIJ Intelligence / 01 Nov 2017
In a significant addition, pharmaceutical major Alembic Pharmaceuticals acquired a US-based generic drug developer, Orit Laboratories LLC through its wholly-owned subsidiary.
In a significant addition, pharmaceutical major Alembic Pharmaceuticals acquired a US-based generic drug developer, Orit Laboratories LLC through its wholly-owned subsidiary.
The company reported in a regulatory filing on Wednesday that it’s wholly-owned subsidiary, Alembic Pharmaceuticals Inc, completed the acquisition of West Caldwell, New Jersey USA-based generic drug developer Orit Laboratories LLC along with real estate, owned by Okner Realty LLC.
Orit Laboratories LLC specializes in developing and filing oral solid and liquid products. The company has seven approved abbreviated new drug application (ANDA) and four ANDAs pending for approval. While Alembic Pharmaceuticals has a total of 69 ANDA approvals granted by US Food and Drug Administration (USFDA).
Following the development, Alembic Pharmaceuticals soared on the bourses, hitting an intraday high of Rs. 513 per share, up by nearly 2 per cent on BSE and an intraday low of Rs. 503.85 per share. The stock had hit its 52-week high of Rs. 709.30 per share on March 23, 2017 and its 52-week low of Rs. 469.75 per share on September 9, 2017 on BSE, respectively. At 1127 hours IST, the stock was trading flat at Rs. 504.05 per share on BSE.
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