Wockhardt Mulls Buyouts In Uk

Pharmaceuticals major Wockhardt, as part of its growth strategy, is looking at possible strategic acquisitions in the United Kingdom.

The move comes in the wake of successful turnaround of the UK-based Wallis Laboratories, which Wockhardt had acquired in 1998.

Habil F Khorakiwala, chairman and managing director, said: "We are open to acquisitions in the UK. We are on the look out for firms which have synergies with Wallis and with Wockhardt as well."

The company has trained sights on firms with strong marketing network. "We expect the turnover of our consolidated pharmaceutical business to be around Rs 750 crore, while the group turnover target is around Rs 950 crore this fiscal," Khorakiwala said.

 

Most of Wockhardt's R&D investments are directed towards developing products in the OECD markets (the US, Canada, Europe) and some of these products are going to get into the market by late 2002.

Meanwhile, the company's investment plans include opening of a biotechnology park in Aurangabad by the year-end. The company will be setting up manufacturing facilities here which will have capacities to meet international requirement.

Wockhardt is looking at introducing a biotechnology research-based product every year or every six months in the country. The company, after concentrating on the therapeutic segment, which includes pain management, vaccines, anti-infectives, corticosteroids and respiratory medicines, is at present focussing on Nutraceutical products, which are basically nutritional diatery supplements to manage lifestyle disorders.