Alembic has acquired the remaining 40% stake in Aleor Dermaceuticals from Orbicular Pharmaceutical Technologies. The company said the acquisition is intended to strengthen its skin-related manufacturing and marketing footprint.
Alembic didn't disclose the financial details of the acquisition.
Aleor has product offerings across cream, gel, ointment, shampoo and lotion.
The board of directors of Aleor has been reconstituted with Orbicular nominees resigning from the board, and has approved the merger of Aleor with Alembic.
The amalgamation will integrate business operations and provide impetus to the existing portfolio of Alembic, the company said.
“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,” said Pranav Amin, managing director of Alembic.
According to IQVIA, the dermatology market is forecasted to grow by double digits.
“We thank Alembic for the enriching partnership and now Orbicular would bolster its development capabilities independently in advancing several interesting and exciting opportunities in complex products,” MS Mohan, managing director of Orbicular, said.