Wockhardt acquires Pinewood in Ireland for $150m

Pharmaceutical and biotechnology major Wockhardt Limited today announced the acquisition of Pinewood Laboratories Ltd, one of the largest branded generic pharmaceutical companies in Ireland.

The all-cash deal was worth $150m (€117.8m) on an enterprise value basis. Pinewood reported sales of more than $70m (€54.9m) for the year ended June 2006.

“This acquisition gives us a larger footprint in Europe spread over UK, Ireland and Germany,” Wockhardt chairman Habil Khorakiwala said.

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

The acquisition gives Wockhardt an entry into the genericising market of Ireland.

“The acquisition offers us enormous opportunities to unlock value of our enlarged customer base in UK and Ireland by offering them a wider range of products,” Mr Khorakiwala said.