Orbit has “a team of eight highly experienced scientists,” Alembic said, adding that the firm focuses on developing and filing oral solid and liquid products.
“We Welcome Dr. Satish Patel, Founder and CEO of Orit, and his impressive team to the Alembic family,” said Pranav Amin, Managing Director of the Indian drug maker.
He said Dr Patel has proven expertise in the US generic pharmaceuticals industry, which will help Alembic.
Established in August 2005, Orit has a state-of-the-art 8,600 square feet R&D and pilot manufacturing facility, which has also been acquired.
“Apart from the existing ANDAs, Orit adds Complementary skill sets in soft gelatin based oral solids and oral liquids,” Alembic 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,” Amin added.
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.”
With this acquisition, Alembic will now have a total of 69 ANDA (generic) 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, which sold the property on which the company was situated.