Wockhardt Ltd said on Wednesday it has completed acquisition of France-based Negma Laboratories for $265 million.
The company informed the Bombay Stock Exchange about the acquisition of France's fourth largest integrated pharmaceutical group Negma Laboratories.
The acquisition is the company's fifth in Europe, after Wallis, CP Pharmaceuticals (both in the UK), Germany's Esparma and Pinewood Laboratories in Ireland, it said. The company has made successful integrations and value creation in all its former acquisitions.
"This acquisition will allow Wockhardt to extend this patented
portfolio to other European markets where Wockhardt enjoys a strong presence", company's chairman Habil Khorakiwala said.
"It will provide us the right entry vehicle into the French generics market valued at $2 billion. With Negma's robust portfolio and impressive pipeline, Wockhardt will strengthen its pan-European presence," Khorakiwala added.
With Negma's strong sales and marketing organisation and global presence, the business would gain further momentum, the company said.
Negma Laboratories is a research-based pharmaceutical company with 172 patents. Apart from being a global pharmaceutical and biotechnology major, the company is also into the healthcare business with its own super speciality hospitals.
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