Wockhardt completes sale of veterinary business to Vétoquinol
20 August 2009
Pharmaceutical and biotechnology major Wockhardt Limited today announced the completion of the divestment of its Animal Health Division to Vétoquinol of France, the company said in a release. (See: Cash-strapped Wockhardt sells veterinary arm to France's Vetoquinol).
Wockhardt, which had earlier secured the required shareholder approval for the divestment through a postal ballot, said it has also received the administrative approvals necessary for conclusion of the transaction.
Wockhardt's Animal Health Division recorded net sales of Rs77 crore for the year ended 31 December 2008. Wockhardt signed an agreement to divest the division to Vétoquinol on 29 June.
Earlier, on 17 June, Wockhardt had announced the sale of its German business Esparma to Mova GmbH, a subsidiary of Lindopharm GmbH, Germany. Wockhardt had acquired the Esparma business in May 2004 (See: Wockhardt sells German arm to Mova Pharma).
Wockhardt said the divestment of non-core businesses is a step towards its continued growth plan and a firm focus on its core human pharmaceutical business.
"Wockhardt is re-inventing itself by taking fundamentally strong and positive steps towards its continued growth plan," the company release said.
Wockhardt last month announced a 4.8 per cent growth in consolidated fiscal second quarter (April-June 2009-10) sales revenue at Rs954 crore. Operating profit (EBIDTA) stood at Rs168 crore. The company registered a net loss of Rs190 crore, which it blamed on exceptional items like interest, exchange rate fluctuation and MTM losses.
With five research centres and 14 world-class manufacturing plants compliant to international regulatory standards such as the US FDA, MHRA and other global regulatory bodies across various countries, Wockhardt has end-to-end integrated capabilities for the manufacture of oral and sterile API's. It markets the dosage forms through its wholly owned subsidiary in the US.