Indian pharmaceutical and biotechnology group Wockhardt recently signed a binding agreement to divest its animal healthcare business to a wholly owned subsidiary of Vetoquinol, a French veterinary company. Amarchand Mangaldas represented Wockhardt on the sale.
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Wockhardt is one of India’s top five research-based pharmaceutical companies and among the top 75 in the world. The company employs over 3,500 people globally and is a major supplier of healthcare products to the retail pharmacy, hospital and grocery sectors.
The divestment comes after the company announced in March its intention to restructure its corporate debt, for which it was involved in talks with various banks. The company also stated that it would potentially recast some of its businesses and units. Wockhardt said the decision to divest its animal healthcare business was part of a long-term strategy to focus on its core businesses and enhance shareholder value.
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