By IANS
Mumbai : Indian pharma and biotech major Wockhardt Ltd Thursday announced the acquisition of French pharmaceutical group Negma Laboratories 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 the fourth largest independent and integrated pharmaceutical group in France with sales of $150 million.
“France-based Negma is a unique acquisition for Wockhardt. It 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,” said Wockhardt chairman Habil Khorakiwala.
“Further, it will provide us 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 – Germany, UK, Ireland and now France,” Khorakiwala was quoted saying in a press release.
Negma, which has a strong research and life cycle management capability, has an exciting range of products in various stages of development. It holds leading positions in the osteoarthritis/ rheumatology, phlebotonic and the arterial hypertension segments.
“With this acquisition, we have stepped up our sales and are on the fast track to achieving our corporate strategy of the US $1 billion turnover by 2009,” said Khorakiwala.
Wockhardt presently has a portfolio of 130 products in the European market. In the next one year, the company will see the launch of 24 more products in Europe.
Negma is Wockhardt’s fifth acquisition in Europe, after Wallis, CP Pharmaceuticals (both in UK), Esparma in Germany and Pinewood Laboratories in Ireland.