Indian Pharmaceutical developer Wockhardt has acquired UK-based CP Pharmaceuticals.
The deal, worth £10.85 million, will place Wockhardt in the ranks of the UK’s top ten generic pharmaceutical companies.
CP Pharmaceuticals, a supplier to the UK’s National Health Service (NHS), reported sales of £34 million in 2003.
CP Pharmaceuticals has four key businesses: hospital drugs, generics, contract manufacturing and exports. It has 225 product licences and has spent over £7 million on acquiring brands in recent years.
The company has strategic relationships with some of the leading international pharmaceutical, biotechnology and drug delivery technology companies for whom it undertakes contract manufacture in injectables, freeze dried products, solid dose tablet formulations as well as liquids, creams and ointments.
With headquarters in Wrexham, near Manchester, it employs about 450 staff. This is Wockhardt’s second acquisition in the UK after its first acquisition of Wallis Laboratory at Luton in 1998.