Alembic Pharma acquires UK-based Utility Therapeutics for $12 million to expand US presence
Utility Therapeutics is engaged in developing pharmaceutical products aimed at combating UTIs, a widespread medical condition in the US. The acquisition brings two key assets into Alembic's fold — 'Pivya,' an FDA-approved treatment for uncomplicated UTIs, and 'MEC,' a pipeline product currently under development to address complicated UTI cases.
Alembic Pharmaceuticals sees this acquisition as a significant step towards strengthening its presence in the US market with branded specialty products. The deal allows Alembic to market Utility's assets in the US, leveraging the regulatory approvals already in place and continuing the development of promising pipeline therapies.
The total consideration for the acquisition is expected to be around $12 million, paid in a staggered manner depending on the achievement of specific milestones. It also includes a provision for profit sharing based on future earnings generated by Utility's products. The transaction does not fall under the related party category, and none of the promoters or group companies have any financial interest in the deal.
Completion of the acquisition is anticipated within approximately 30 days, and no additional regulatory approvals are required.
This acquisition aligns with Alembic's strategy of expanding its global footprint and diversifying its product offerings in regulated markets like the US.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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