Pharma major, Wockhardt Ltd on Tuesday announced the acquisition of Ireland's leading generic pharmaceutical company Pinewood Laboratories Ltd for over Rs 686 crore ($150 million).
The company said the acquisition gave it an entry and leadership in the last genericising market of Ireland, adding that as almost half of Pinewood's sales came from the UK, the buyout would reinforce Wockhardt's position there.
"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," the company's Chairman cabil Khorakiwala said.
The acquisition is a strategic fit for Wockhardt UK as Pinewood's liquids and creams business complements its strengths in injectable and solid dosages.
Wockhardt said it could now leverage Pinewood's marketing, distribution system and customer base in Ireland for its vast range of hospital products.
"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," Khorakiwala added.
Wockhardt said, Pinewood was the company's fourth European acquisition, after the UK-based Wallis and CP Pharmaceuticals as well as Germany's Esparma.