Drug major Wockhardt has initiated the process of consolidating the operations of CP Pharmaceuticals and Wallis Laboratories, the two UK-based companies that it acquired in the recent past.
A new company christened Wockhardt UK Ltd will be floated to house the international operations including CP and Wallis. Wockhardt UK Ltd will be a 100 per cent subsidiary of Wockhard Pharmaceuticals India.
Habil Khorakiwalla, chairman of Wockhardt, said: "It is a long term strategy and the idea is to have a double branding strategy. While the products of CP and Wallis will continue to be marketed under their respective brand names, the move will enable us to establish Wockhardt brand in Europe." The European market accounts for 65 per cent of the total international business of the company.
The company is integrating the manufacturing operations of the two companies in a way that the decision to produce a particular product in UK will be based on cost competitiveness.
The company's overall international business accounts for 57 per cent of its total turnover of around Rs 980 crore (Rs 9.8 billion).
With the two business outfits in the UK, the company has emerged as one of the top 10 generic companies in Britain and has become the largest Indian pharmaceutical company in UK.
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