Wockhardt in talks to licence Protinex for Rs 400 crore

Posted By: Religare
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Wockhardt in talks to licence Protinex for Rs 400 crore
Wockhardt: Quotes, News
BSE 552.40BSE Quote15.6 (2.82%)
NSE 553.30NSE Quote13.5 (2.44%)
Not many professionals and business savvy minds remember the 2009 agreement made by drug industry Wockhardt to sell off its nutrition business Vinton Healthcare Ltd. to US backed Abott for $130 million, since the agreement was terminated within one year.

Last month too, Vinton Healthcare was in headlines when its appeal for demerger was approved by the Delhi High Court. But Wockhardt seems to have another strategy now.

Cited reports apparently indicate that the drug vendor is opening discussions with varied multinationals like Abbott, Heinz and GlaxoSmithKline Consumer Healthcare to license its nutrition business. However, a final deal is yet to be heard.

Reports also suggest that Wockhardt is already struggling with a wrap up petition in Bombay High Court so that it can gain the license to sell its nutrition arm labeled Protinex for Rs. 400 crore approximately. The petition has been filed by trustees to foreign currency convertible bonds issued under the name of Wockhart to wind up the business.

Shares of Wockhardt were trading up 1.88% at Rs 335.45 according to BSE data.

Read more about: pharma, wockhardt, bse, nse
Story first published: Monday, May 16, 2011, 9:30 [IST]
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