Wockhardt eyes acquisition in US

BANGALORE: After foraying into the European market through acquisition, Wockhardt is readying for a US blitz now.
The speciality hospital company is gearing up increase its share from the US to around 40 per cent from the current level of 10 per cent.
Indicating this at a meeting organised by Asian Center for Corporate Governance, in Bangalore, H F Khorakiwala, chairman, Wockhardt said that the company had already set up a marketing office in the US, but was hesitant to comment on acquisition as it was an expensive proposition.
There has been strong speculation in the market that Wockhardt is eying an acquisition in the US.
The company in the last decade has taken to inorganic growth route and has successfully acquired companies in the UK and Germany.
According to Khorakiwala, since each country had specific dynamics, it needed a marketing access driven approach for the company to be a global player.
The company has even begun to feel comfortable with takeover as the chairman said, "we have a strong global team in place, which can take transform the business in a short span of six months."
Like many Indian pharmaceutical companies, Wockhardt, too, is betting on its strong resource pool and low manufacturing cost advantage to speed up its growth pace.
The company has also forayed into biotechnology and is planning to launch three products in the next 12-15 months. Even for its biotech products, the key markets would be Europe and the US, Khorakiwala added.