The Hindu Business Line : Wockhardt on fast track to $1-b turnover

Mumbai May 3 The acquisition of France's Negma Laboratories has put Wockhardt on the fast track to achieving its target of $1 billion turnover by 2009, said Mr Habil Khorakiwala, Wockhardt's Chairman.

Negma's product pipeline includes three patented products in the osteoarthritis, hypertension and blood-vessels related phlebotonic therapeutic segments, he said. It's osteo-arthritis drug Art 50 (Diacerein) accounts for 70 per cent of the company's sales, he said.

Mr Khorakiwala said that the acquisition makes Wockhardt the largest Indian pharmaceutical company in Europe with more than 1,500 employees based in the continent.

Negma holds about 172 patents, he said, and the acquisition will allow Wockhardt to extend this patented portfolio to other European markets. It would also help Wockhardt to enter the French generics market valued at $2 billion, he added.

Europe plans

The company now has a European presence, covering the key markets of Germany, the United Kingdom, Ireland and France. Wockhardt at present has a portfolio of 130 products in Europe and over the forthcoming year, it will see the launch of 24 more in Europe.

Cleary Gottlieb Steen & Hamilton LLP was the legal advisor for the company in this transaction. Aforge Finance and Dechert were advisors to Negma. Wockhardt shares were marginally up at Rs 430.85 on the Bombay Stock Exchange.

More Stories on : Overseas Investments | Pharmaceuticals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page