After the business acquisition of esparma in Germany, Wockhardt Limited is set to have a similar pick up in the US to strengthen its already initiated market entry there. The company, which has recently set up a marketing subsidiary in the US, is already talking to few companies and some are learnt to be in the final stage of negotiation.
Habil Khorakiwala, the chairman, confirmed that the company is open to positive business deals in the US as part of its market enhancing strategy. However, he said that there is no plan to acquire manufacturing facilities in the US, as the products will be sourced from the Indian facility as well as the recently acquired CP Pharma facility in the UK.
Recently, the company has set up a marketing subsidiary in the US and appointed a chief executive officer with the portfolio of expanding business opportunities and also the registration and other regulatory affairs.
Last week, Wockhardt had announced its German business acquisition from esparma. This was the third international acquisition of the company, after the earlier UK acquisitions - Wallis Laboratory (in 1998) and CP Pharmaceuticals (in 2003). Wockhardt is currently among the top 10 generic players in the UK, besides being the biggest Indian pharmaceutical company in the UK.
These acquisitions are expected to accelerate Wockhardt's strategic focus on leveraging global opportunities for growth, said Khorakiwala while speaking to Pharmabiz. Currently, almost 62 per cent of the company's sales come from international business, out of which 40 per cent is from Europe alone.