Wockhardt acquires Irish company
By SiliconIndia | Friday, 24 November 2006, 06:00 Hrs
New Delhi: Mumbai based pharmaceuticals Wockhardt has announced the acquisition of Pinewood Laboratories in all-cash deal worth $150 million.
The Irish company reported sales of over $70 million for the year ended June 2006 and the acquisition gives Wockhardt a larger footprint in Europe, spread over UK, Ireland and Germany. "The acquisition offers us enormous opportunities to unlock value of our enlarged customer base in UK and
Ireland by offering them a wider range of products," said Habil Khorakiwala, Chairman, Wockhardt.
The news comes after the companyâs recent announcement to strengthen its foreign presence. The plan was to associate with brands such as Wouslin and Wepox that would serve as a launch pad in many of the market places in South America, Africa and South East Asia. Earlier Khorakiwala had promised a 25 percent turnover from the U.S generic market, even without acquisitions.
Currently revenues from US generics market currently contribute to roughly 10 percent to the companyâs kitty. The European business, after this acquisition, will now exceed $200 million, accounting for almost half of Wockhardt's total sales. Pinewood is Wockhardt's fourth European acquisition, after Wallis and CP Pharmaceuticals (both in UK) and Esparma in Germany.
âWe are also looking to launch our insulin product Wosulin and erythropientin, Wepox in markets of South America, Africa and Middle East, CIS, South Asia in the next 12-18 months to drive our revenues,â said
Khorakiwala while talking about the company's near future plans, adding that a lot of international companies want to launch their drugs in India and they were currently looking at four such deals.
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