Wockhardt Acquires Morton Grove In The US

Wockhardt Ltd on October 24, 2007 has announced the acquisition of Morton Grove Pharmaceuticals Inc., a leading liquid generic and speciality dermatology company in the US having a sales revenue of USD 52 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 market position. All others are in the Top 3. This represents a clear demonstrable strength in sales and marketing, said the Companys Chairman Habil Khorakiwala. Wockhardt now has a strong position in the liquid market in USA and UK, added the Companys Chairman.Morton Grove is a leading liquid generic and speciality dermatology company in the US with revenues of $ 52 million. Approximately one third of its revenues come from the branded Lindane range of dermatological products. This acquisition will boost the Companys US revenue by providing a complete range of dosage forms right from tablets, capsules, liquids to injectibles. Overall the product range would swell to around 54 products for the US market, of which 23 products are currently being marketed by Wockhardt USA Inc. Morton Grove Pharmaceuticals is Wockhardts third international acquisition in the space of last 12 months, having acquired in October 2006 - Pinewood, the largest generic company in Ireland and the largest supplier of liquid generic products in the UK and in May 2007 - Negma, the fourth largest independent pharmaceutical company in France. These acquisitions in Europe propelled the Company into becoming the largest Indian pharmaceutical company in Europe.