Wockhardt acquires US pharma firm Morton Grove Pharmaceuticals

24 October 2007

Wockhardt Ltd has announced the acquisition of Morton Grove Pharmaceuticals, Inc, a leading liquid generic and speciality dermatology company in the US with sales revenue of $52 million.

Located in Morton Grove, in the US state of Illinois, Morton Grove is a specialty pharmaceutical company that develops, manufactures and markets prescription oral liquid and topical liquid pharmaceuticals.

Approximately one third of its revenues come from the branded Lindane range of dermatological products. The company manufactures and markets over 50 products and is a leading manufacturer and marketer of prescription oral liquid pharmaceuticals in the US.

All of the company''s core products are manufactured at its own facilities and the company owns, manufactures and markets 52 prescription ANDA drugs, 33 prescription non-ANDA drugs and 3 OTC ANDA products. Currently, it has 11 ANDA applications under active review.

The company has created a database of all liquid prescription pharmaceutical drugs coming off-patent through the year 2010, from which it has over 30 oral liquid, topical liquid and prescription nasal spray products in the development pipeline for market introduction through 2008. The company continually invests 8 per cent to 10 per cent of revenues in R&D.

"Morton Grove is strategic to Wockhardt. It provides entry into the US generic market with a portfolio of 31 products, 13 of which occupy the No.1 market position. All others are in the Top 3. This represents a clear demonstrable strength in sales and marketing," Habil Khorakiwala, chairman, Wockhardt Ltd. "Wockhardt now has a strong position in the liquid market in USA and UK."