Wockhardt acquires CP Pharma in L11M deal

Indian drugmaker Wockhardt has acquired UK-based CP Pharmaceuticals for L10.9 million ($17.9 million) cash in a deal which grows the Indian firm's UK market presence, as well as creating a larger manufacturing base from which to expand its business into other European markets.

CP has four main business areas including a branded portfolio of drugs sold in the hospital setting, generic products, contract manufacturing and exports. The acquisition of the Wrexham, Wales-headquartered firm will bring Wockhardt's annual UK sales to around L50 million, noted the company.

Commenting on the deal, Wockhardt chairman Habil Khorakiwala said he had acquired a "leading player in the UK generic space," adding: "Wockhardt has global strengths in manufacturing and research which we will leverage to drive CP's growth in the UK and Europe."