Wockhardt Ltd is on the final stage of negotiations to acquire the Illinois based Morton Grove Pharmaceuticals to increase its presence in the US market, according to a media report. Morton Grove is a specialty pharmaceutical company with a strong presence in manufacturing of liquids and inhaled generics products.

The valuations are a bit uncertain at present with the deal and may be valued between USD 80-100 million. The company, which has its strong presence in UK, has been pursuing the US market for the last few years. According to a latest report, around half of Wockhardt's sales come from Europe and the United States. Recently, it has created a sales and marketing force in the US to increase penetration in the US market.

Morton Grove Pharmaceuticals, with over 50 products in the market, has earlier announced its vision to be a major player by 2010. It has created a database of all liquid prescription pharmaceutical drugs coming off patent through the year 2010. Over thirty oral liquid, topical liquid and prescription nasal spray products from this list is under development pipeline of the company for market introduction through 2008, according to a Morton Grove announcement.

The company owns, manufactures and markets 52 prescription ANDA drugs, 33 prescription non-ANDA drugs and 3 OTC ANDA products. Currently, there are 11 ANDAs under active review. In total, Morton Grove has a work force of 300 employees, states the Morton Grove website.

Wockhardt did not confirm the media report. However, the company maintained that it is "Strategically open to acquisition opportunities both in India and abroad and in case anything materializes the company will disclose the same at the appropriate time."

In the past, the company has made some major acquisitions including Merind Ltd., Wallis Laboratories and CP Pharmaceuticals in UK, esparma GmbH in Germany, Pinewood Laboratories in Ireland and Negma Laboratories in France.