| Wockhardt buys Morton Grove for $38 mn |
| BS Reporter / Mumbai October 24, 2007 |
| Pharmaceutical and biotechnology major Wockhardt has acquired US-based Morton Grove Pharmaceuticals, a speciality pharmaceutical company, for $38 million as against an enterprise valuation of $58 million. "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 position. This represents a clear demonstrable strength in sales and marketing," Habil Khorakiwala, chairman, Wockhardt, said. Morton Grove is a leading liquid generic and speciality dermatology company with sales of $52 million. The company said the acquisition would boost its US revenues by providing a complete range of dosage forms including tablets, capsules, liquids and injectibles. The acquisition would take the overall range to around 54 products for the US market of which 23 products are currently being marketed by Wockhardt USA. This is Wockhardt |
