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Wockhardt buys French firm

Staff Correspondent

The $265 m acquisition will help cover all key markets in Europe

MUMBAI: Wockhardt has announced the acquisition of Negma Laboratories, the fourth largest independent, integrated pharmaceutical group in France, in an all-cash deal worth $265 million. With this acquisition, Wockhardt becomes the largest Indian pharmaceutical company in Europe with more than 1,500 employees based in the continent.

Negma is a research based pharmaceutical company with 172 patents. "The acquisition will allow Wockhardt to extend this patented portfolio to other European markets where Wockhardt enjoys a strong presence,'' Habil Khorakiwala, Chairman, Wockhardt, said in a company statement.

"Further, it will provide the right entry vehicle to enter the French generics market valued at $2 billion, leveraging Wockhardt's robust EU portfolio and impressive pipeline. With this acquisition, Wockhardt will enjoy a pan-European presence, covering all the key markets of Europe, namely, Germany, the U.K., Ireland and now France,'' Mr. Khorakiwals said.

Negma is Wockhardt's fifth acquisition in Europe and follows Wallis, CP Pharmaceuticals (both in UK), Esparma in Germany and Pinewood Laboratories in Ireland. After the acquisition, Wockhardt will have four manufacturing facilities in Europe having API (bulk drug), injectables, tablets, capsules and creams.

With the latest acquisition, Wockhardt's European business will now account for more than 60 per cent of the company's total revenues.

Wockhardt at present has a portfolio of 130 products in the European market and plans to launch 24 more products there over one year.

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