Wockhardt buys Morton Grove for $38 mn

Indian drug maker Wockhardt recently acquired US-based speciality drugs company Morton Grove Pharmaceuticals, which has annual sales of $52 million. Though officially its not been confirmed, Wockhardt has reportedly paid nearly $38 million for the Illinois-based company. This ends a long wait for the Mumbai-based drug maker, which had been scouting for acquisition in the US market for over two years, and also brings it closer to its Indian rival Cipla, which had signed a supply agreement with Morton Grove in 2004.

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