Wockhardt sells its nutrition businesses to Abbott for $130 million
28 Jul 2009
Pharmaceutical and biotechnology major Wockhardt Limited has agreed to sell its nutrition business, including its subsidiary Carol Info Services Ltd, to global healthcare major Abbott Laboratories for $130 million.
An Abbot news release said it has agreed to acquire the nutrition business of Wockhardt Ltd, including Carol Info Services Ltd, for about $130 million in cash as it looks to expand its presence in India.
"This acquisition is an excellent strategic fit for Abbott to accelerate growth of its nutrition business in India, where the nutritional market is expected to experience strong growth in the coming years," said Holger Liepmann, executive vice president, Global Nutrition, Abbott.
"Combining these trusted nutrition products, local manufacturing capability and commercial infrastructure with Abbott's existing pediatric and adult nutrition offerings positions Abbott very well to serve Indian consumers," he added.
The deal covers some of India's leading paediatric and adult nutritional brands such as Farex and Protinex, the release said.
Wockhardt has a significant presence in India's paediatric nutritional category with Farex, Dexolac and Nusobee infant formulas and Farex weaning cereal.
