Ahmedabad: Homegrown pharma major Alembic Pharmaceuticals on Tuesday announced it has acquired the balance 40% stake in Aleor Dermaceuticals Ltd from its joint-venture partner Orbicular Pharmaceutical Technologies Private Ltd. The company did not disclose the deal size. Alembic already had a majority stake in the company.
Aleor Dermaceuticals has product offerings across cream, gel, ointment, shampoo, lotion, solutions, sprays, foams, microsponge and nano-particulate platform-based products and has a formulation manufacturing facility in Gujarat. The facility is a US FDA-inspected facility and sells its products in the US market.
The board of Aleor has been reconstituted with Orbicular nominees resigning from the board. The board of Alembic has also approved, subject to approval from NCLT and other regulatory bodies, the merger of Aleor with Alembic.
Pranav Amin, MD, Alembic, said, “The acquisition 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.”
According to IQVIA prognosis report, the dermatology market is forecasted to grow in double digits and increase its market share within the pharma market. The acquisition will unlock the full potential of Aleor and drive significant value creation through synergies with Alembic Pharmaceuticals.
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. 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.
