Mumbai : Pharmaceutical and biotechnology major Wockhardt Ltd today announced the acquisition of Morton Grove Pharmaceuticals Inc, a leading healthcare company in the US with sales revenue of $52 million (Rs.2 billion).
“Morton Grove is a strategic acquisition for Wockhardt. It provides an entry into the US generic market with a portfolio of 31 products, 13 of which occupy number one market position,” said Habil Khorakiwala, chairman, Wockhardt.
“Wockhardt now has a strong position in the liquid medicine market in the US and the UK,” he added.
The company said that one third of its revenue comes from the branded Lindane range of dermatological products, and this acquisition will boost Wockhardt’s US revenue by providing a complete range of dosage, right from tablets, capsules, liquids to injections.