Indian drugmaker Wockhardt has acquired UK-based CP Pharmaceuticals in a deal valued at £10.9 million (€15.6m) that grows the Indian firm's UK market presence, as well as creating a larger manufacturing base from which to expand its business into other European markets.
CP has four main business areas including a branded portfolio of drugs sold in the hospital setting, generic products, contract manufacturing and exports. The acquisition of the Wrexham, Wales-headquartered firm will bring Wockhardt's annual UK sales to around £50 million, noted the company.
CP Pharma has an exclusive manufacturing contract for one of Eli Lilly's pipeline products, currently in Phase III trials, according to a report in the Express Pharma Pulse.
Commenting on the deal, Wockhardt chairman Habil Khorakiwala said he had acquired a "leading player in the UK generic space, " adding: "Wockhardt has global strengths in manufacturing and research which we will leverage to drive CP's growth in the UK and Europe."