Indian firm purchases Pinewood for €117m

INDIAN pharmaceutical company Wockhardt has bought Ireland’s Pinewood Laboratories for €117 million to expand its presence in Europe’s generics market.

“European business will now exceed $200m (€157m), accounting for almost half of Wockhardt’s total sales,” the company said in a statement.

Pinewood employs about 400 people and is involved in the manufacture of 200 generic over-the-counter medicines.