Wockhardt eyeing second acquisition in Germany

Pharma major Wockhardt Ltd is considering its second acquisition in Germany this year, to be nearer its biggest markets in Euorope and the US. Half of Wockhardt’s sales were in Europe and the US last year, Managing Director Habil Khorakiwala said. The acquisition is likely to be funded through the $110 million raised by an FCCB issue, he said. Wockhardt acquired a German pharma company last year and is likely to make its second purchase in the same country. The six Abbreviated New Drug Applications (ANDAs) the company expects to be cleared this year are in the cardiovascular, psychotropic and anti-biotech space. ‘‘We will make at least one acquisition in Europe this year. Germany is a major market for us, so it is likely to be there,’’ Khorakiwala said. The company on Monday said Rs 10 crore of its Rs 100 crore biotech drug sales target may come from six recently filed ANDAs. Wockhardt’s long-lasting insulin formulation, Glargin, will be ready to hit the market in 2006, Khorakiwala said at the launch of Wosulin Pen, an automatic device to administer insulin.