Alembic Pharmaceuticals Dissolves Six Step-Down Subsidiaries

Alembic Pharmaceuticals Ltd. announced on Friday that six step-down subsidiaries, none of which was operational, had been dissolved or were in the process of dissolution, according to an exchange filing.

The step-down subsidiaries are Okner Realty LLC, Alembic Labs LLC, Alnova Pharmaceuticals SA, Dahlia Therapeutics SA, Genius LLC and Alembic Mami SpA, it said.

The disclosure has been made under regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, the pharmaceutical firm said.

In October, Alembic Pharma received final approval from the US Food and Drug Administration for its generic version of Diltiazem Hydrochloride extended-release capsules used to treat hypertension.

The company had also received final approval from the US health regulator for tablets to treat primary generalised tonic-clonic seizures and partial-onset seizures. It received approval for its abbreviated new drug application for lamotrigine extended-release tablets USP, 200 mg, 250 mg, and 300 mg. The company has a cumulative 216 ANDA approvals — 188 final approvals and 28 tentative approvals — from the FDA.

On Sept. 27, the pharma company had received an establishment inspection report from the FDA for its facility in Panelav, Gujarat. The FDA issues an EIR to a company when an inspection is satisfactorily closed.

Shares of Alembic Pharma closed 0.07% lower to Rs 1,084.80 apiece on the National Stock Exchange, compared to a 0.19% decline in the benchmark Nifty. The share price has risen 41.76% in the last 12 months and 42.85% on a year-to-date basis.

Six out of the 15 analysts tracking the company have a 'buy' rating on the stock, as many recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 5.6%.