WOCKHARDT SELLS ITS GERMAN SUBSIDIARY

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WOCKHARDT has sold its German subsidiary to another German company, Lindopharm GmbH, a move that is in line with their general plan to divest most businesses. Mova GmbH, a subsidiary of Lindopharm GmbH, has bought Esparma, the company said in a statement. Although the company didn't disclose the size of the deal, peaople close to the development said the deal is valued at Rs 120 crore. When contacted, a company spokesperson declined to comment.

Wockhardt had acquired Esparma in May 2004 for $11 million (around Rs 49 crore at that time). In 2004, the company had a portfolio of 135 marketing authorisations, of which 67 were in Germany, making it attractive for any Germany company to acquire.

Wockhardt is still on the lookout for buyers for its Irish facility Pinewood and its French subsidiary Negma. The company is also planning to sell its animal healthcare business, of which Pfizer is reported to be one of the interested parties.

The Mumbai-based biopharma company is still to submit its proposal to the corporate debt restructuring cell, after it approached institutions early this year. The company has external commercial borrowings worth $250 million and undertook leveraged buyout financing for both Pinewood and Negma worth about $200 million. The rest of the company's Rs 3,400-crore debt is local debt, which was raised for working capital and day-to-day requirements. The company also has FCCBs worth $110 million which are up for redemption in October this year

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