India's Wockhardt Plans German Acquisition

Wockhardt, a medium-sized Indian drugmaker, has announced plans to acquire a German firm this year, as the company attempts to expand its European presence. Wockhardt recently carried out a US$110mn foreign currency-denominated bond issue, and acquired local company Esparma GmbH last year. However, the company declined to reveal its new acquisition target.

The company, which is focused on diabetes therapies and is currently launching an automatic insulin delivery device, earns roughly 50 percent of its revenue in Europe and the US. Wockhardt is confident that six of its pending abbreviated new drug applications will receive US FDA approval, mainly in the antibiotic, cardiovascular and psychotropic therapeutic areas.