Wockhardt acquires Pinewood for Rs 686 cr
Pharma major Wockhardt Ltd on Tuesday announced the acquisition of a branded generic pharmaceutical company in Ireland Pinewood Laboratories Ltd in all cash deal worth over Rs 686 crore ($150 million).
The Irish company reported sales of over $70 million in the year ended June 2006.
Established in 1976, Pinewood has over 200 prescription and over-the-counter products. It is the market leader in renal therapy products and has a presence in many of other market segments.
This is Wockhardt’s fourth acquisition in Europe and is a strategic fit for Wockhardt UK as Pinewood’s liquids and creams business complements its injectable and solid dosages business. Wockhardt said that it could now leverage Pinewood’s marketing, distribution system and customer base in Ireland for its own range of hospital products.
Sweet pill
• This is Wockhardt’s fourth acquisition in Europe
• Pinewood with over 200 prescriptions, is the market leader in renal therapy products
“This acquisition gives us a larger footprint in Europe spread over the UK, Ireland and Germany.
European business will now exceed $200 million, accounting for almost half of Wockhardt’s total sales,” Wockhardt chairman Habil Khorakiwala said.
“The acquisition offers us enormous opportunities to unlock value of our enlarged customer base in the UK and Ireland by offering them a wider range of products,” he said.