Wockhardt Ltd.
TypePublic
NSE: WOCKPHARMA
BSE: 532300
IndustryPharmaceuticals
Health care
Founded1960s
FounderHabil Khorakiwala
HeadquartersWockhardt Towers, Bandra Kurla Complex, Mumbai, Maharashtra, India
Area served
Worldwide
Key people
Habil Khorakiwala (Chairman)
Murtaza Khorakiwala (Managing director)
Huzaifa Khorakiwala (Executive Director)
ProductsFormulations
Biopharmaceuticals
Vaccines
RevenueDecrease ₹2,840 crore (US$360 million) (FY21)[1]
Increase ₹688 crore (US$86 million) (FY21)[1]
Number of employees
7,900 (2013)
SubsidiariesMorton Grove Pharma[2]
Websitewww.wockhardt.com
Footnotes / references
[3]

Wockhardt is an Indian pharmaceutical and biotechnology company headquartered in Mumbai, India. It produces formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).[4] The company has manufacturing plants in India, UK, Ireland, France and US, and subsidiaries in US, UK, Ireland and France.[5][6]

History

Wockhardt was founded by Dr. Habil Khorakiwala in the 1960s.[7] His father Fakhruddin T. Khorakiwala had acquired Worli Chemical Works[8] in 1959. This was incorporated as Wockhardt Pvt. Ltd., in 1973.[5] Wockhardt Ltd. was incorporated on 8 July 1999.[9] In the 1990s, Wockhardt gained market share with its painkiller Proxyvon (opioid tramadol + paracetamol) and blood pressure drugs (lisinopril, etc.). In 1995, it expanded into biotechnology, and subsequently started producing intravenous fluids.[10] In 1999, Dr. Reddy's joined the Indian Pharmaceutical Alliance as a founding member in an effort to promote the development of generic drugs in India.[11][12]

Wockhardt is the first company outside the US and Europe to manufacture recombinant human insulin.[13]

In 2011, Wockhardt sold its nutrition business to Danone for $356 million.[14]

During the COVID-19 pandemic, Wockhardt signed a contract with the Government of the United Kingdom to fill-finish the Oxford–AstraZeneca COVID-19 vaccine at the company's facility in Wrexham, Wales. The contract was extended until August 2022.[15][16]

In August 2021, Wockhardt announced that it signed an agreement with Dubai-based Enso Healthcare and Russian firm Human Vaccine LLC to contract manufacture the Sputnik V and Sputnik Light vaccines in India.[17]

Mergers and acquisitions

Wockhardt's acquisitions include Wallis Laboratory, UK (1998); Merind, India (1998); CP Pharmaceuticals, UK (2003); Espharma GmbH, Germany (2004); Dumex, India (2006); Pinewood Laboratory Ireland (2006); Morton Grove Pharmaceuticals, US (2007);[18] and Negma, France (2007).[5] Wockhardt's debt following the acquisitions was close to Rs 38 billion, and Habil Khorakiwala quit as managing director.[19]

The board of directors, on 31 March 2009 approved the appointments of Habil Khorakiwala's sons Murtaza Khorakiwala and Huzaifa Khorakiwala as managing director and executive director respectively.[20]

Philanthropy and education

Wockhardt Global School in Aurangabad
  • Wockhardt Foundation
  • Wockhardt Global Schools

Wockhardt is known for producing cough syrup with the sedative promethazine and the opiate codeine, used in the recreational street drug lean, which is sometimes referred to as "Wock", short for Wockhardt.[21] It is referenced by rapper Lil Yachty on his song "Poland", where he sings "I took the Wock to Poland".[22][23]

See also

References

  1. 1 2 "Wockhardt Q4 results: Net loss at Rs 106.84 crore". The Economic Times. 27 May 2021. Retrieved 17 February 2023.
  2. ↑ "Wockhardt acquires US-based Morton Grove". The Economic Times. 24 October 2007. Retrieved 16 February 2023.
  3. ↑ "Audited Financial Results For The Quarter And Year Ended 31.03.2021" (PDF). BSE. Retrieved 27 May 2021.
  4. ↑ "Wockhardt – Who we are".
  5. 1 2 3 Sanju Verma, Amit Shah (2007). "Wockhardt: "Wock"ing the talk..." (PDF). HDFC Securities. India Research.
  6. ↑ "Wockhardt set to join billion-dollar club". Business Standard India. Business Standard. 20 March 2013. Retrieved 20 March 2013.
  7. ↑ "Wockhardt Chairman's Profile". wockhardt.com. Retrieved 13 February 2017.
  8. ↑ Priyanka Sangani (28 March 2008). "Marginal business logic". The Economic Times.
  9. ↑ "Wockhardt Limited". Archived from the original on 20 October 2007. Retrieved 9 May 2009.
  10. ↑ T. Surendar, Charles Assisi (18 January 2008). "We need a Nano for medicines too". The Times of India.
  11. ↑ Dec 22, PTILast Updated (22 December 2022). "Indian pharma sector set for 'volume to value leadership' journey in 2023". The Economic Times. ISSN 0013-0389. Retrieved 6 August 2023.{{cite news}}: CS1 maint: numeric names: authors list (link)
  12. ↑ "Introducing IPA- Indian Pharmaceutical Alliance". IPA, Indian Pharmaceutical Alliance. Retrieved 6 August 2023.
  13. ↑ "Introducing Wockhardt". Retrieved 9 May 2009.
  14. ↑ "Wockhardt sells nutrition biz to Danone for Rs 1,576 cr". Business Standard India. 3 August 2011. Retrieved 25 January 2023.
  15. ↑ "UK extends COVID-19 vaccine supply deal with India's Wockhardt by 6 months". Mint. 10 February 2021.
  16. ↑ "Wockhardt: the company helping to vaccinate Britain". Financial Times. Retrieved 28 June 2021.
  17. ↑ "Wockhardt to produce, supply Sputnik V, Sputnik Light Covid vaccine". mint. 13 August 2021. Retrieved 21 September 2021.
  18. ↑ "UPDATE 1-Wockhardt buys US Morton Grove for $38 mln". Reuters. 24 October 2007 – via www.reuters.com.
  19. ↑ Shobhana Subramanian (3 April 2009). "Newsmaker: Habil F Khorakiwala, Scientist in a hurry". Business Standard India. Business Standard.
  20. ↑ "Wockhardt | Who we are | Board of Directors". www.wockhardt.com. Retrieved 5 November 2022.
  21. ↑ Bella, Timothy (9 March 2017). "Hip-Hop's Unlikeliest Icons: Promethazine Codeine Syrup Manufacturers". Bloomberg. Retrieved 17 May 2022.
  22. ↑ Skelton, Eric. "Lil Yachty Took the WoOoOOoOoock to Poland". Complex. Retrieved 10 October 2022.
  23. ↑ Barilla, Chris (6 October 2022). "Lil Yachty's New Song "Poland" Is Already a Bonafide Soundcloud Hit". Distractify. Retrieved 10 October 2022.
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