Pharmaceutical and biotechnology major Wockhardt has acquired US-based Morton Grove Pharmaceuticals, a speciality pharmaceutical company, for $38 million as against an enterprise valuation of $58 million.
Morton Grove is a leading liquid generic and speciality dermatology company, having a sales revenue of $52 million.The company 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.
The company said the acquisition would boost its US revenue by providing a complete range of dosage forms right from tablets, capsules, liquids to injectibles. The acquisition would take the overall the product range to around 54 products for the US market, of which 23 products are currently being marketed by Wockhardt USA.
Read more in The Business Standard article.
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