Drug firm Aurobindo Pharma said Monday its arm Aurobindo Pharma USA Inc has signed a pact to acquire an under-development product and certain related assets from Australian Advent Pharmaceuticals Pty Ltd for USD 12.5 million.
The company's wholly owned subsidiary, Aurobindo Pharma USA Inc, has entered into an agreement to acquire a product under development and related assets from Advent Pharmaceuticals Pty Ltd, Australia, through its subsidiary AuroScience Pty Ltd Melbourne, Aurobindo Pharma said in a filing to BSE.
The acquisition is for a cash consideration of USD 12.5 million, it added.
The indicative time period for completion of the acquisition is January 2019, Aurobindo Pharma said.
The acquisition provides an opportunity to acquire assets that would be used for specialty generics business, it added.