Pharmaceutical major Wockhardt Ltd said on Wednesday it has acquired Morton Grove Pharmaceuticals, a liquid generic and specialty dermatology company in the US with sales revenue of $52 million.
The acquisition would boost the company's US revenue by providing a complete range of dosage forms right from tablets, capsules, liquids to injectables, Wockhardt said in a communique to the Bombay Stock Exchange.
"Morton Grove is strategic to Wockhardt. It provides entry into the US generic market with a portfolio of 31 products, 13 of which occupy the No.1 market position. All others are in the Top 3. This represents a clear demonstrable strength in sales and marketing," Wockhardt Ltd Chairman Habil Khorakiwala said.
Pursuant to the acquisition the overall product range of the company would rise to around 54 products for the US market, of which 23
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