| Pinewood reported sales of over $70 million for the year ended June 2006. The company reported a compounded annual growth rate of 20 per cent for the last five years. |
| "This acquisition gives us a larger footprint in Europe. Spread over the UK, Ireland and Germany, the European business will now exceed $200 million (Rs 915.87 crore), accounting for almost half of Wockhardt's total sales," said Wockhardt Chairman Habil Khorakiwala. |
| The acquisition gives Wockhardt an entry, and leadership, in the fast-growing generics market of Ireland. Since almost half of Pinewood's sales come from the UK, the acquisition will reinforce Wockhardt's position in the UK, where it is already the largest Indian generics company and the second-largest player in hospital sales. |
| The acquisition is a strategic fit for Wockhardt UK as Pinewood's liquids and creams business complements Wockhardt UK's strengths in injectible and solid dosages. Wockhardt UK is among the country's top 10 generics companies and is the market leader in several injectible and solid products. |
| The company can now leverage Pinewood's marketing and distribution system and its customer base in Ireland for its range of hospital products. |
| Pinewood is Wockhardt's fourth European acquisition after Wallis, CP Pharmaceuticals (both in the UK) and Esparma in Germany. The UK and Germany are Europe's leading generic markets. |
| Established in 1976, Pinewood has over 200 prescription and over-the-counter products. It is the market leader in renal therapy and has a strong brand name in many of its market segments. The company has an exciting portfolio of products in various stages of development. |
| Wockhardt's share price rose to Rs 405 .95, up by 1.11 per cent, from the previous close of Rs 401.50, on the Bombay Stock Exchange today. |
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