"We would be having at least one acquisition in Europe this year, and Germany being a major market for us it is most likely to be there," said chairman of Wockhardt India, Habil Khorakiwala, said while launching the company's automatic insulin delivery device.
"The funding for the acquisition would be through the $110 million we have recently raised by issue of FCCBs," he said, without disclosing the details of the company to be acquired.
Wockhardt already has a presence in Germany with the acquisition of Esparma GMBH last year.
With few products lined up to be launched and at least six of its abbreviated new drugs application expected to be cleared, the company is targeting sales of Rs 10 crore (Rs 100 million) this year.
"Last year 50 per cent of our sales came from the US and Europe. We expect the sales to grow further both in the domestic and international markets to touch Rs 100 crore," Khorakiwala said.
The company's immuno modulator 'interferon' is expected to be launched in another six months while the long acting insulin 'glargine' is expected to hit the markets in 2006.
Khorakiwala said the ANDAs expected to be cleared this year are in the areas of antibiotics, cardiovascular drugs and psychotropic substances.