Wockhardt acquires Negma Laboratories for USD 265 million

Mumbai, May 3 (UNI) Pharma major, Wockhardt today announced its acquisition of the French-based Negma Laboratories in an all-cash deal worth USD 265 million, making them the largest Indian pharmaceutical entity in Europe.

''Negma is a unique acquisition for Wockhardt. It is a research based pharmaceutical company with 172 patents. The acquisition will allow us to extend this patented portfolio to other European markets, where Wockhardt enjoys a strong presence,'' the company's Chairman Habil Khorakiwala said in a release here.

''Further, it will provide us entry into the French generics market valued at USD 2 billion, leveraging Wockhardt's robust European Union (EU) portfolio and impressive pipeline. With this acquisition, Wockhardt will enjoy a pan-European presence, covering all the key markets of Europe, like Germany, UK, Ireland and now France'', he said.

Negma holds leading positions in the osteoarthritis, rheumatology, phlebotonic and the arterial hypertension segments.

With the Negma acquisition, the Company's European business will now account for more than 60 per cent of its total revenues. They presently have a portfolio of 130 products in the European market.

In the next one year, the company will see the launch of another 24 products in Europe, Khorakiwala said.

''We have a proven track record of successful value-creation post acquisitions. We expect to demonstrate the same integration momentum with Negma as with our other acquisitions,'' he said.

It is pertinent to note here that Negma is the company's fifth acquisition, besides being the third in less than 12 months.

Earlier, Wockhardt had acquired Ireland-base Pinewood, UK-based Wallis and CP Pharmaceuticals and German-based Esparma pharmaceuticals.

With this latest acquisition, they will now have four manufacturing facilities in Europe, he added.

UNI