Wockhardt in Irish pharmaceutical deal

India's Wockhardt closes its fourth European acquisition paying $150 million for Pinewood Laboratories of Ireland.

Wockhardt has acquired IrelandÆs Pinewood Laboratories for $150 million in an all-cash deal. Pinewood is a branded, generic pharmaceutical company, which registered a turnover of $70 million for the financial year ending June 2006. With this acquisition, Wockhardt's total sales derived from Europe will increase to more than $200 million, representing almost half the Indian companyÆs turnover.

The acquisition also expands Wockhardt's European footprint to encompass Ireland. Wockhardt acquired Wallis Laboratories in 1998 and CP Pharmaceuticals in 2002, both in...

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