Wockhardt acquires Irish pharma firm for $150 m

Bangalore, Oct 3: Pharmaceutical and biotechnology major Wockhardt Ltd today announced the acquisition of Pinewood Laboratories Ltd, a branded generic pharma company in Ireland, in an all-cash deal worth 150 million Dollars on enterprise value basis. ''This acquisition gives us a larger footprint in Europe spread over UK, Ireland and Germany. European business will now exceed 200 million Dollars, accounting for almost half of Wockhardt's total sales,'' company Chairman Habil Khorakiwala said in a release here.

Pinewood was Wockhardt's fourth European acquisition, after Wallis, CP Pharmaceuticals (both in the UK) and Esparma in Germany.

The acquisition gave Wockhardt an entry and leadership in the fast genericising market of Ireland. As almost half of Pinewood's sales come from the UK, the acquisition would reinforce Wockhardt's position in the UK where it was already the largest generic company from India and the second largest player in hospital sales. Besides, Pinewood's liquids and creams business complemented Wockhardt UK's strengths in injectable and solid dosages, the release said.

Wockhardt UK could now leverage Pinewood's marketing and distribution system and its customer base in Ireland for its vast range of hospital products, it added.

Established in 1976, Pinewood, which reported sales of over 70 million Dollars for the year ended June 2006, had over 200 prescription and over-the-counter products.

UNI