India's pharma and biotech major Wockhardt Limited announced on Tuesday the acquisition of Pinewood Laboratories Limited of Ireland for $150 million that will help it broaden its presence in the European market.
'This acquisition gives us a larger footprint in Europe spread over Britain, Ireland and Germany,' Wockhardt chairman Habil Khorakiwala said.
'European business will now exceed $200 million, accounting for almost half of Wockhardt's total sales,' he added.
The all-cash deal was done on an enterprise value basis, according to a company statement.
As almost half of Pinewood's sales come from the British market, this acquisition will strengthen Wockhardt's position there, it added.
With this acquisition, Wockhardt UK can now leverage Pinewood's marketing and distribution system and its customer base in Ireland for its vast range of hospital products.
'The acquisition offers us enormous opportunities to unlock value of our enlarged customer base in Britain and Ireland by offering them a wider range of products,' Khorakiwala said.