Aurobindo Pharma to acquire Australian firm's product

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Aurobindo Pharma has said it's wholly-owned subsidiary has entered into an agreement to acquire a product under development and related assets from Australia-based Advent Pharmaceuticals Pty Ltd for $12.5 million.

"Our wholly-owned subsidiary, Aurobindo Pharma USA Inc., USA, has entered into an agreement to acquire a product under development and related assets from Advent Pharmaceuticals Pty Ltd, Australia, through AuroScience Pty Limited, Melbourne, a 100 per cent subsidiary of Aurobindo Pharma USA Inc, USA," a regulatory filing from Aurobindo said Monday.

Based out of Melbourne, Advent Pharmaceuticals is engaged in developing and commercialising generic inhaled medicines for global markets.