Alembic Pharmaceuticals on Tuesday said it has fully acquired Aleor Dermaceuticals from its joint venture partner Orbicular, to strengthen its skin-related manufacturing and marketing footprint.
The company has acquired remaining 40 per cent stake from Orbicular Pharmaceutical Technologies, to have 100 per cent holding in Aleor, which has presence across cream, gel, ointment, shampoo, lotion, solutions, sprays, foams, microsponge and nanoparticulate platform-based product segments.
The company, however, did not share financial details.
"We think it (derma) is a promising area and we wanted to take 100 per cent of the company. So we bought out the remaining 40 per cent so that we have more control and can explore opportunities in the future,” Alembic Pharmaceuticals Managing Director Pranav Amin told PTI.
Aleor has a USFDA approved manufacturing site, 15 products under development and another 30 products which have already been approved, he added.
"This will further bolster our global reach with cutting-edge research and development in the derma space and enhance our integrated dermatology platform with a comprehensive collection of scientifically-proven products for daily skincare regimens and peri-procedural use,” Amin noted.
The combined entity will have a bigger portfolio of products and direct access to markets, which will strengthen overall capabilities to serve more efficiently across different therapies, both overseas as well as domestic, the drug firm stated.
Further, the growth of business envisages adequate capital and resources commitments and hence the merger shall enable the pooling of abundant resources and impetus to the growth at a consolidated level, it added.
Orbicular Managing Director MS Mohan noted that the company would henceforth bolster its development capabilities independently in advancing several interesting and exciting opportunities in complex products.
As part of the transaction, Aleor board has been reconstituted with Orbicular nominees resigning from it.
The Alembic board has also approved, subject to approval from NCLT and other regulatory bodies, the merger of Aleor with Alembic.
The amalgamation will integrate business operations and provide impetus to the existing portfolio of Alembic.
The acquisition augurs well with the strategic planning and growth trajectory set by the company to capture higher market share in various segments of its pharmaceutical business, Alembic noted.According to IQVIA prognosis report, the dermatology market is forecast to grow in double digits and increase its market share within the pharma market.