Tag: wockhardt

Shares of Wockhardt were locked in the 5 per cent lower circuit band at Rs 312.55 on the BSE on Monday despite reporting a consolidated net profit of Rs 759.75 crore for June quarter. The company had posted a net loss of Rs 36.88 crore for April-June 2019-20. The main reason for reporting profit is on account of exceptional items in connection with the transfer of a business comprising 62 products and Baddi facility to Dr Reddy's Laboratories. Total income stood at Rs 606.22 crore in the quarter under review. It was Rs 733.66 crore in the year-ago period, the filing added. Wockhardt launched a new chemical entity (NCE) during the quarter in the Indian pharma market. Products have been launched under the tablet and injection category under the brand name 'Emrock O and Emrock'.It said that divestment of business undertaking to Dr Reddy's Laboratories was accomplished during the quarter and Rs 1,483 crore has been received towards the same. Read more

Dr Reddy’s Laboratories will acquire select divisions of Wockhardt's branded business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1,850 crore. The domestic branded generics business that Dr Reddy's acquired from Wockhardt had revenues of Rs.594 crore in FY19. This transaction is expected to be completed in May 2020 subject to Shareholders', Lenders' and other requisite approvals under applicable statutes. "The intended sale of the Business portfolio is in line with the Company's strategic plan to shift from acute therapeutic areas to more chronic business like anti-diabetes, CNS etc. and also to its niche antibiotic portfolio of NCEs. Wockhardt said the sale of a major chunk of domestic formulation business will help Wockhardt strengthening its balance sheet by significant debt reduction. At the close Wockhardt was trading at 367.45.