Wockhardt buys Morton Grove of US; Q3 net profit down 35%

MUMBAI: Wockhardt Ltd has acquired Morton Grove Pharmaceuticals, a leading liquid generic and speciality dermatology company in the US having sales of $52 million. “Morton Grove is strategic to Wockhardt. It 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,” said Wockhardt Chairman Habil Khorakiwala.

Morton Grove is Wockhardt's third overseas acquisition in 12 months, having acquired Ireland’s Pinewood in October 2006. In May this year the company bought over Negma of France.

RESULTS

Wockhardt has posted a net profit of Rs 58.90 crore for the third quarter ended September 30, 2007, down nearly 35 per cent compared with Rs 90.20 crore in the corresponding quarter of 2006. Total income increased marginally to Rs 347.1 crore from Rs 342 crore in the year-ago quarter.

CONSOLIDATED RESULTS

The group posted a net profit of Rs 108.3 crore for the quarter ended September 2007 against Rs 74 crore year earlier. Total income increased to Rs 740.7 crore compared with Rs 444.1 crore in the quarter ended September 2006.