New Delhi, Oct 24 (UNI) Mumbai-based Wockhardt Ltd today said it has acquired the 52 million dollar US-based Morton Grove Pharmaceuticals Inc, a leading liquid generic and speciality dermatology firm.
This is the third international acquisition of Wockhardt during the last 12 months, having acquired 'Pinewood', the largest generic company in Ireland and the largest supplier of liquid generic products in the UK in October 2006 and 'Negma', the fourth largest independent pharmaceutical company in France in May 2007.
''Morton Grove is strategic to Wockhardt. It provides entry into the US generic market with a portfolio of 31 products, 13 of which occupy the No 1 market position. All others are in the Top 3. This represents a clear demonstrable strength in sales and marketing,'' said company's Chairman Habil Khorakiwala.
This acquisition will boost the company's US revenue by providing a complete range of dosage forms right from tablets, capsules, liquids to injectibles, thus propelled the company into becoming the largest Indian pharmaceutical company in Europe, he said.
Mr Khorakiwala said Wockhardt now has a strong position in the liquid market in the US and the UK.
Overall the product range would swell to around 54 products for the US market, of which 23 products are currently being marketed by Wockhardt US Inc.