Shares of Alembic Pharmaceuticals Ltd surged 2% on 3 July after the company’s wholly-owned subsidiary, Alembic Pharmaceuticals Inc., purchased Utility Therapeutics Ltd. to broaden its UTI medication range in the United States. Utility Therapeutics will be fully acquired as part of the transaction.

The acquisition cost is around $12 million, and the transaction is scheduled to close within 30 days. The company intends to commercialise Utility’s FDA-approved and pipeline products in the US market.

However, according to a filing with the stock exchange, no linked parties or promoters were involved in the transaction.

Utility Therapeutics focuses on the development and approval of branded pharmaceutical treatments for the treatment of urinary tract infections (UTI).

Alembic Pharmaceuticals announced on 30 June that it has achieved final FDA approval for its abbreviated new drug application (ANDA) for Doxorubicin Hydrochloride Liposome injection.

The injection is used to treat ovarian cancer, AIDS-associated Kaposi’s Sarcoma, and multiple myeloma.

At 12:42 pm, the shares of Alembic Pharma were trading 1.32% higher at Rs 1,001.50 on NSE. 

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