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Wockhardt seeks allies in diabetes, to launch 10 drugs in US

Friday, 16 November 2012 - 10:00am IST | Place: Mumbai | Agency: DNA
Rebounding drugmaker Wockhardt Ltd is looking to forge alliances with global peers having a strong presence in diabetology.

Rebounding drugmaker Wockhardt Ltd is looking to forge alliances with global peers having a strong presence in  diabetology.

Chairman Habil Khorakiwala, however, did not divulge more during a conference call with analysts on Thursday.

The Rs4,613 crore company, which gets a shade less than half of its revenues from the US, is looking at launching about 10 generics in that market in the next fiscal.

Last fiscal, the company launched around 50 products globally, including six in the US, in segments ranging from antibiotics to acidity.

This fiscal, the pace has been more frenetic, with Wockhardt launching some 51 products in the first half, including in the US, Europe and India.
Khorakiwala said this year will be about consolidation and growth, so there won’t be any room for inorganic gambits.

“We do not see a need for any M&As. There would also be no equity dilution or efforts to raise funds as we do not foresee such a need,” he said.
Wockhardt has had a series of sell-offs in the last few years.

Last year, it sold off its nutrition business, including brands like Farex, Dexolac, Nusobee, Protinex, to French food and dairy products company Danone for Rs1,280 crore. Including the facility and other assets, the deal value worked out to Rs1,600 crore.

In June 2009, the Mumbai-based drugmaker had sold its German subsidiary Esparma to German firm Mova GmbH for Rs120 crore. Subsequently, it had also sold its animal health division to French firm Vetoquinol for Rs170 crore.

After opting for a debt-restructuring exercise in April 2009, the company was required to divest its non-core businesses to raise up to Rs730 crore to repay lenders over a certain time period.

For the September quarter, Wockhardt reported a nearly three-fold rise in consolidated net profit to Rs453.55 crore on net sales of Rs1,347.44 crore.


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