Wockhardt eyes US, China buys

INDIA INC LOOKS FOR DEALS ABROAD

Wockhardt has set its eyes on biotechnology companies in China and the US. It has been in talks with four research-based biotechnology companies in China and three bio-pharma companies in the US for the purpose, sources close to the development said.

Two leading consultants including Frost & Sullivan have been appointed by the company to conduct due diligence on the proposed acquisitions. Wockhardt executives declined to comment on the development.

The quantum of investment for the proposed acquisitions is not known.The sources said since most of these biotech companies in the US and China were purely research oriented, the valuation would depend on their technology level and commercial viability.

"In any case, the investments would not be very high as the deals are in the generic pharmaceutical space," they added.

Wockhardt is targeting the innovative technologies developed by these companies for new delivery systems of recombinant vaccines and insulin, along with facilities and talents.

The sources said Wockhardt has been on the lookout for novel technologies and delivery systems in the vaccine and insulin space for enhancing its existing biotech portfolio. The company has already initiated research collaborations with a few overseas firms.

Wockhardt had recently set up a global-scale biopharmaceutical manufacturing facility "" Wockhardt Biotech Park "" at Aurangabad.

This biotech complex consists of six dedicated manufacturing facilities and is designed as per US Food and Drug Administration (FDA) and European, West Asian and African standards.

It also houses laboratories for new biotechnology products that are currently in various stages of development. The complex has the capacity to cater to 10-15 per cent of the global demand for major biopharmaceuticals.