Mumbai, Oct 24 (UNI) Pharmaceutical major, Wockhardt has acquired US-based Morton Grove Pharmaceuticals for USD 38 million to acquire greater accessibility into the US drug market.
The acquisition of Morton Grove, a liquid generic and specialty dermatology company with sales revenue of USD 52 million, will enhance the Company's product range as well as its US revenue, Wockhardt informed Bombay Stock Exchange today.
''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, which represents a clear demonstrable strength in sales and marketing,'' Wockhardt Chairman Habil Khorakiwala said.
This is the third international acquisition made by the Company in the last 12 months. Last year the Company had acquired Pinewood, the largest generic firm in Ireland and the biggest supplier of liquid generic products in the UK. This year in May, Wockhardt acquired Negma, the fourth largest independent pharmaceutical firm in France.