The Hindu Business Line : Wockhardt board okays US listing plans — Approves $100 m for acquisition in Europe

Further, the company has also got the board's green signal to spend around $100 million (around Rs 463 crore) towards acquiring pharma companies in Europe.

Speaking to Business Line from Wockhardt's UK headquarters, the Chairman, Mr Habil Khorakiwala, said that he expected the US listing to come through in about nine months.

On plans for the European market, he said: "It is an enabling provision that the company has got. No specific targets are in sight, however we are examining some of the options that have been placed before us. The focus is on generic companies that are strong in therapeutic areas such as cardio-vascular, diabetes and the central nervous system."

The European Union (EU) and the US together account for about 80 per cent of Wockhardt's international business.

Wockhardt had established its US subsidiary - Wockhardt USA Inc - only earlier this year, in an effort to lead the push into the US generics market. "We expect several approvals to come through in this market in the next six months," Mr Khorakiwala said.

In training its guns on the US, Wockhardt joins a host of Indian companies, including Ranbaxy and Dr Reddy's, who have targeted the world's largest generics market.

The EU has been emerging on the Wockhardt radar as a big market. Only recently, Wockhardt had consolidated its UK operations, through the creation of Wockhardt UK Ltd. As wholly-owned subsidiary of Wockhardt, it brings under one banner CP Pharmaceuticals and Wallis Laboratory. However, the German branded generics company Esparma GmbH, acquired by Wockhardt in May this year will continue to operate as it is, he said.

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