Pharmaceutical and biotechnology major Wockhardt Limited today announced the completion of the acquisition of Negma laboratories, the fourth largest independent, integrated pharmaceutical group in France with sales of $150 million.
For 35 years Negma was under the management of the founder family. Fabrice Harari, President of Negma Laboratories said, "I am delighted to have found Wockhardt, the right partner with capabilities to take over and develop the Negma business that we had built with a dynamic, creative and challenging approach. Negma will now be part of a global organisation."
Negma is Wockhardt's fifth acquisition in Europe, after Wallis, CP Pharmaceuticals (both in UK), Esparma in Germany and Pinewood Laboratories in Ireland. Wockhardt has made successful integrations and value creation in all its former acquisitions.
Negma Laboratories is a research based pharmaceutical company with 172 patents. "This acquisition will allow Wockhardt to extend this patented portfolio to other European markets where Wockhardt enjoys a strong presence", said Wockhardt Chairman Habil Khorakiwala. "Further, 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," said Khorakiwala.
This is Wockhardt's biggest transaction, which was worth $265 million. Wockhardt will leverage Negma's manufacturing facility, similar to what has been achieved in UK and Ireland. Wockhardt now becomes the largest Indian pharmaceutical company in Europe with more than 1500 employees based in the continent.
