Sinclair and Wockhardt strike deal

By Nick Taylor

- Last updated on GMT

Related tags Bric

UK-based Sinclair Pharmaceuticals has entered into a manufacturing
and distribution agreement with Wockhardt, an Indian pharmaceutical
and biotech company.

Under the terms of the 10 year agreement Wockhardt will distribute four of Sinclair's products in India.

At a later date the manufacture of products destined for the Indian market will also shift to Wockhardt's facilities, with the possibility of other products being added to the agreement.

Dr Michael Flynn, CEO of Sinclair Pharmaceuticals, noted: " We are very pleased to appoint Wockhardt as our distributor for these products in India.

Wockhardt is a dynamic and rapidly growing company and we hope this is the first step towards forging a long-term and mutually rewarding relationship.

" We have a very active programme pursuing opportunities in the BRIC (Brazil, Russia, India and China) countries and the Middle East which we believe offer substantial growth opportunities for the sales of our products in the coming years ."

The agreement grants Sinclair's Atopiclair, Aloclair, Papulex and Decapinol access to the Indian pharmaceutical market, which the company believes is worth $7bn and is growing at a rate of 17 per cent.

By transferring the manufacture of its products to India Sinclair is set to increase its margins.

At present Sinclair produces the medicines from facilities near Paris but the manufacture of those destined for the Indian market will moved as soon as Wockhardt's facilities are ready.

The deal gives Sinclair access to the potentially massive Indian market and is part of a concerted effort by the company to extend its reach into emerging markets.

Wockhardt has also adopted an expansionist attitude in recent years, moving into international markets through acquisitions such as Pinewood and Morton Grove.

These acquisitions were intended to strengthen the company's hand in the US and Europe, respectively.

This policy of inorganic growth has seen the number of employees at the company rise to 7,500 people, with $670m in sales generated last year.

Operating profit in 2007 was up 50 per cent on the previous year as the company's acquisitions pay dividends.

The European market accounts for the bulk of sales but the agreement with Sinclair signals Wockhardt's intent to continue strengthening in India.

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