Drug major Wockhardt today joined the growing list of Indian companies to be referred to the Corporate Debt Restructuring (CDR) mechanism, a system to deal with cases in which multiple lenders are involved.
It was bought by Vetoquinol, a family-owned group specialising exclusively in animal health, is the 11th largest animal health company in the world. Sources said the deal was worth Rs 170 crore. Wockhardt's animal health business had net sales of Rs 77 crore for the year ended December 31, 2008. The deal is subject to necessary administrative approvals and should take effect in the second half of 2009.
Following the announcement, share prices of Wockhardt rose 3.02 per cent on the Bombay Stock Exchange (BSE) from Rs 104.20 to close at Rs 107.35 on Friday. An extraordinary general meeting of the members of the company has been convened on January 19, to consider and approve the plan.
Tough market conditions and low valuations are the key hurdles for the Wockhardt management as it tries to tide over its debt problems.
Wockhardt had a net debt of Rs 3,400 crore (Rs 34 billion) as of December 2008. It was hoping to reduce this, sources said, by selling its Irish subsidiary, Pinewood Laboratories, and a stake in Habil Khorakiwala's privately-held Wockhardt Hospitals. A Wockhardt spokesperson declined comment. An e-mail sent on Tuesday to the chairman remained unanswered.
The Finland-based drug major Orion Corporation has filed a lawsuit in the United States against domestic drug major Wockhardt for challenging the patents on its brand Stalevo, used for the treatment of Parkinson's disease.
Povidone iodine ointment and solutions are available in the market under various popular brands such as Betadine and Wokadine.
Earlier this week, the company postponed the announcement of its results for the year-ended December 31, 2008, as the statutory audit could not be completed because of restructuring of certain of its businesses and subsidiaries. In a major top management rejig, the company's chairman and managing director Habil Khorakiwala, stepped down as managing director.
Wockhardt hit a 52-week abyss at Rs 306.05 in early trades after the company reported a steep 64% fall in net profit.
This is the company's third international buyout in the last 12 months. Last year in October, the company had acquired Pinewood, the largest generic firm in Ireland and the biggest supplier of liquid generic products in the UK. Wockhardt had also bought Negma, the fourth largest independent pharmaceutical firm in France in May.
Beleaguered drugmaker Wockhardt has a new management team in place to implement a three-year strategic plan to get back on track. The company has seen at least four senior-level exits in the last few months.
After recovering from issues such as defaults on foreign currency convertible bonds and piling debts, pharmaceutical major Wockhardt has been on the slow lane through the last six months, following warnings from global regulators such as the US Food and Drug Administration (FDA) and the UK Medicines and Healthcare Products Regulatory Agency.
The FDA had imposed a ban on the company's Waluj plant in May.
Wockhardt is recalling select drugs in the US, which were under import restrictions from the USFDA.
Wockhardt Ltd said on Thursday it has received approval from USFDA for marketing antibiotic, Clarithromycin tablets, in the US market.
Indian drug maker, Wockhardt Ltd on Friday said it has acquired Dumex India Pvt Ltd along with its two products Protinex and Farex from the Netherlands-based Royal Numico NV for an undisclosed sum.
Wockhardt has received United States Food & Drug Administration approval to market Zonisamide capsules.
If the company manages to get a go-ahead from the regulator for this plant, it might result in resumption of supplies of several of their products, barred from the US last year.
Wockhardt hospitals has launched the "patient care rights" in India, becoming the first hospital in the country to launch such an initiative aimed at establishing the rights of every person who is in receipt of medical care at its facilities to prote
Contests patent application for Nadifloxacin along with Hyderabad's Hetero.
The ruling came as a consent order from Sebi following an investigation on insider trading in the shares of Wockhardt between September 1, 1998 and December 31, 1999. A Wockhardt spokesperson declined to comment.
Focus to continue on anti-infectives market abroad; no plan for out-licensing
Pharma major Wockhardt is looking to acquire a German firm this year to strengthen its position in Europe and has set an overall sales target of Rs 100 crore (Rs 1 billion) from its biotech products for this year.
Wockhardt said it is launching the product immediately in the US market.
The company has received a communication from the Medicines and Healthcare Products Regulatory Agency, United Kingdom, whereby the agency has decided to withdraw the previously issued GMP Certificate to the company's manufacturing facility situated at Kadaiya, Nani Daman, Wockhardt said in a filing to the Bombay Stock Exchange.
The court will hear the matter on September 6.
Wockhardt, the Mumbai-based leading pharmaceutical and biotechnology company that is struggling to repay its nearly Rs 900-crore
Its factory in Chikalthana in western India was last month hit by the British drug regulator's curb on imports from the plant over manufacturing deficiencies.
Treatment for arthritis is mainly focused on symptom management and slowing the progression of the disease, says Dr Vishal Shinde.
Mutual funds (MFs) scooped up smallcap shares across sectors such as healthcare, banking and financial services in March 2024 amid a near 4.5 per cent fall in key smallcap indices. Aster DM Healthcare, NLC India, and Aavas Financiers topped the list of most-bought stocks in the Rs 10,000-40,000 crore market capitalisation (mcap) bracket, according to a study by Nuvama Alternative & Quantitative Research. Aster and Aavas had corrected by 13 per cent and 10 per cent in March, respectively, while NLC India ended the month with a 2.5 per cent gain.
The court's stand is expected to help Wockhardt conclude the deal within a month's time.
Pharmaceutical and biotechnology major, Wockhardt has received final approval from the United States Food & Drug Administration for marketing the cardiac drug.
Wockhardt Ltd has signed an In-licensing agreement with UK-based LSI to market Vitix, a drug used for treating pigmentation disorder.
Wockhardt, in a release issued to the National Stock Exchange on Tuesday, has announced the acquisition of CP Pharmaceuticals (Holdings) along with its subsidiaries.
Wockhardt Ltd has received tentative approval from the USFDA for anti-epileptic drug, Divalproex Sodium delayed-release tablets.
Pharma major Wockhardt on Wednesday said it has launched Tamsulosin capsules, indicated for problem of prostate enlargement, in the US market on the day one of the expiry of patent covering the drug.
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