Wockhardt plans US listing, to split stock

Habil Khorakiwala

Pharmaceutical firm Wockhardt on Monday announced plans to go for a US listing. The company said it's board has also approved acquisitions in Europe worth around Rs 450 crore.

The company has also decided to go for a stock-split from Rs 10 per share to two shares of Rs 5 each.

Habil Khorakiwala, chairman, Wockhardt, said in a media release, "Wockhardt is fully committed to expand its business in the European Union through internal growth as well as through acquisitions."

The European Union, according to Khorakiwala, has emerged as Wockhardt's largest market.

Early this year, the company had established a subsidiary in the US called Wockhardt USA Inc to spearhead its push into the US generics market.

"Our European business is poised to grow on the back of a series of steps to integrate operations of Wockhardt UK and esparma Germany with Wockhardt's global supply chain. Simultaneously, Wockhardt USA is working with our scientists in India to launch a host of new products in the US," Khorakiwala added.

Wockhardt's international business grew by 87 per cent in the second quarter of the current fiscal.

The European Union and the US together accounted for 80 per cent of Wockhardt's international business.

Wockhardt's portfolio of European acquisitions include CP Pharmaceuticals, Wallis Laboratories and espharma.