| Alembic Pharmaceuticals Inc., wholly owned subsidiary of Alembic Pharmaceuticals has acquired Utility Therapeutics for a consideration of $12 million in staggered manner over period of time, depending on milestones achieved. Utility Therapeutics is involved in the development and approval of two brand pharmaceutical products for the treatment of urinary tract infections (UTI). -“Pivya” is an FDA approved product to treat uncomplicated UTIs in the US market. -“MEC” is a product in development for treatment of the complicated UTIs in the US market. As a product development company they have minimal turnover in last 3 years. |