The company plans to change the acquired company's name to 'Dumex' within six months, Wockhardt informed the Bombay stock Exchange.
"Acquisition of Protinex and Farex is a critical milestone in our growth plans in nutrition business. Today's acquisition makes us the undisputed leader in medical nutrition. The global market for medical nutrition is worth $32.5 billion," Habil Khorakiwala, chairman, Wockhardt said.
Under the agreement, Royal Numico would also offer technical know-how to the company for the manufacture of specialised sugar-free infant food products currently marketed in India and internationally, under its brand names Dulac and Dupro.
The acquisition has the potential to double its nutrition products sale to Rs 120 crore (rs 1.2 bilion) as Protinex and Farex complements its product range, it added.
The company would inherit a strong sales and marketing organisation with 235 personnel and the acquisition follows Royal Numico's decision to focus on China and other markets.
The company has a strong presence in infant nutrition with Dexolac, Nusobee and Firstfood brands, with annual sales of about Rs 60 crore (Rs 600 million). The company is also in talks with global companies for in-licensing medical nutrition products.
The shares of the company were trading at Rs 382, up 5.93 per cent on the BSE.
