Pharma major Wockhardt on Thursday said it had acquired French pharmaceutical group Negma Laboratories for Rs 1,090.52 crore ($265 million) in cash -- a deal that would give it access to the European market.
The transaction is valued at 1.8 times the sales and 9.7 times the EBITDA of the French firm.
Negma Laboratories is the fourth largest independent, integrated pharmaceutical group in France with sales of $150 million.
"France-based Negma is a unique acquisition for Wockhardt. It is a research-based pharmaceutical company with 172 patents. The acquisition will allow Wockhardt to extend this patented portfolio to other European markets where it enjoys a strong presence," Wockhardt chairman Habil Khorakiwala said.
With this acquisition, Wockhardt would have more than 1,500 employees based in the continent and the European business would now account for more than 60 per cent of its total revenues, the company said in a statement to the Bombay Stock Exchange.
At present, Wockhardt has a portfolio of 130 products in the European market.
Negma holds leading positions in the osteoarthritis, rheumatology, phlebotonic and the arterial hypertension segments.
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