Alembic Pharma subsidiary acquires Utility Therapeutics Ltd.

Alembic Pharmaceuticals Limited announced today that its wholly-owned subsidiary, Alembic Pharmaceuticals Inc., has acquired Utility Therapeutics Ltd. The acquisition aims to bolster Alembic's portfolio with Utility Therapeutics' FDA-approved product "Pivya" for uncomplicated UTIs and "MEC", a product in development for complicated UTIs, both targeting the US market. The consideration includes a cash component plus a profit share on future profits, with the acquisition cost approximately USD 12 million, staggered based on milestone achievement. Alembic Pharma now holds 100% control of Utility Therapeutics. The acquisition is expected to be completed in approximately 30 days.