Wockhardt in talks to licence drug for Rs 4 bln

Drugmaker Wockhardt Ltd is in talks with a group of multinational firms to license its nutrition brand after a bid to sell the nutrition business met with opposition from unsecured lenders last year, the Economic Times reported on Friday.

The firm, which is currently fighting a winding-up petition in the Bombay High Court, is looking to license its nutrition brand, Protinex, for about 4 billion rupees, the newspaper said, quoting two people familiar with the development.

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Wockhardt is in talks with Abbott, GlaxoSmithKline Consumer Healthcare and Heinz, but no deal has been concluded yet, the report said.

The company declined comment when contacted by Reuters.

Earlier this month, the Delhi High Court had approved the demerger of the nutrition business of Wockhardt's unit Vinton Healthcare Ltd.

In 2009, Wockhardt had agreed to sell its nutrition business to US-based Abbott for USD 130 million, but terminated the agreement last year. The firm is currently fighting a petition filed by the trustees to the foreign currency convertible bonds issued by the Wockhardt for winding up the company.

Shares of Wockhardt were trading up 1.88% and Rs 335.45 in a choppy Mumbai market.