 Mumbai:
Wockhardt Ltd has announced that it has acquired the
UK-based CP Pharmaceuticals Ltd for a total consideration
of Rs 82.46 crore.
Wockhardt
chairman Habil Khorakiwala says his company will be
funding the acquisition through internal accruals and
borrowings. "With this acquisition, Wockhardt will
be able to establish a significant presence in the European
Union and especially the UK market."
CP
Pharma has four key businesses consisting of hospital
drugs, generics, contract manufacturing and exports.
The company is a supplier to the UK''s National Health
Service (NHS) and had reported sales of £34 million
in 2003. NM Rothschild was the advisor for the deal.
Khorakiwala
says Wockhardt''s two UK subsidiaries, Wallis Laboratories
and CP Pharma, will remain separate entities. "We
will also be retaining some management people in the
company. The current
chairman of CP Pharma, Charles Savage, will be retained
as a consultant. Wockhardt will file for its product
approval in the UK through CP Pharma."
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