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Friday, May 04, 2007
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Pharmaceuticals Corporate - Mergers & Acquisitions Wockhardt buys French firm Negma for Rs 1,091 cr Our Bureau
Mumbai May 3 Wockhardt Ltd has acquired the Paris-based Negma Laboratories in an all-cash deal worth $265 million or Rs 1,091 crore. This is its fifth acquisition in Europe. The acquisition strengthens Wockhardt's presence in Europe, pushing the region's contribution to Wockhardt's total revenues to over 60 per cent. Wockhardt sits on a kitty of $230 million. The Negma deal was funded through internal resources and leverage financing, the Wockhardt Chairman, Mr Habil Khorakiwala, told mediapersons on Thursday. The deal would be closed in four to six weeks, he added. The transaction is valued at 1.8 times the sales and 9.7 times the EBITDA, Wockhardt said.
Research co
Negma is a research-based company with sales of $150 million and a presence in the osteoarthritis, rheumatology, blood-vessels related phlebotonic segment and in arterial hypertension. The company has its sales focused on France and the deal brings into the Wockhardt fold about 600 people, including 280 sales and marketing personnel, he said. With the Negma acquisition, Wockhardt would have four manufacturing facilities in Europe, capable of producing bulk drugs, injectables, tablets, capsules and creams. Wockahrdt's previous acquisitions in Europe include Wallis in 1997 and CP Pharmaceuticals (both in the UK) in 2003, Germany's Esparma in 2004 and Pinewood Laboratories in Ireland in 2006.
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