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All are rumours Wockhardt chairman has no plans to sell its business


Wockhardt chairman Habil Khorakiwala, on Monday, said the company has no intention of selling its business. The statement comes at a point when various news reports had suggested that the company may sell off some of its assets. Some of the names which were rumoured as potential buyers to buy the assets are Mylan, Pfizer, Teva and even the home-grown Lupin. 

"I don't see why do I sell any part of my business ever. We have a good R&D in place and also there are very nice product related opportunities. Besides, my succession plan is in place. So, why would I be selling any part of my business ever," Khorakiwala told reporters on the sidelines of the company's annual general meeting.

According to a report by Bloomberg last month, Lupin, the second-largest drugmaker by market value in India, studied Wockhardt as a potential acquisition candidate, although it hasn't met the company's management and did not hold any talks. Earlier, there were reports that the Mumbai-based drugmaker Wockhardt was in talks with global multinationals to sell off some of its assets. The company is recently facing import alerts at two of its facilities in India namely Waluj and Chikalthana in Aurangabad. Last year, United Kingdom Medicines and Healthcare products Regulatory Agency (UK MHRA) withdrew its quality certification to the Chikalthana unit. The MHRA has visited the facility recently and a response from them is expected in sometime soon.

"By and large we have not received any critical observation from the MHRA. Other observations are there and we are correcting it. We will hope to get their responses in the next few quarters," said Khorakiwala. Talking about its R&D spends, the company said it is currently at 10% of its total revenue. "Irrespective of my revenue, my R&D will go up. At present it is 10% and it will remain more or less in the double digit for the next three years," the chairman added.

news source : http://www.dnaindia.com/

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