Wockhardt sells Farex unit | business | Hindustan Times
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Wockhardt sells Farex unit

business Updated: Jul 28, 2009 21:44 IST

Protinex, Farex and Dexolac are going multinational. Pharmaceutical and biotechnology major Wockhardt Limited and its subsidiaries, on Tuesday announced the signing of agreements to divest its nutritional businesses to Abbott, the global health care company.

Wockhardt has a significant presence in India’s health drink market with Farex, Dexolac and Nusobee infant formulas and Farex weaning cereal. The adult protein supplement, Protinex, is also owned by company.

Commenting on this divestment, Wockhardt Chairman Habil Khorakiwala said, “At Wockhardt we invested and nurtured to build a valuable brand equity for these heritage brands and it was time now for a specialised nutrition-focussed company as Abbott to be able to leverage its full potential in the global markets.”

Wockhardt, one of India’s largest integrated pharmaceuticals and healthcare companies, is in trouble after its debt soared to almost one-and-half times its net worth in April 2009. The company has, in the past three years, spent almost Rs 2000 crore in acquiring technology companies abroad.