Alembic Pharma To Acquire US-Based Utility Therapeutics For $12 Million

Alembic Pharmaceuticals Ltd. on Thursday said its wholly-owned US arm, Alembic Pharmaceuticals Inc., will acquire Utility Therapeutics Ltd. for $12 million. The acquisition will give Alembic access to FDA-approved and under-development products owned by the US-based company, it said in an exchange filing.

Utility Therapeutics is developing two branded products—Pivya and MEC—for treating urinary tract infections. Alembic expects to close the deal in about 30 days, with payments to be made in cash over time based on achievement of certain milestones.