Wockhardt

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Wockhardt Ltd.
Company type
Public
NSE: WOCKPHARMA
BSE: 532300
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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
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SubsidiariesMorton Grove Pharma[1]
Websitewww.wockhardt.com
Footnotes / references
[2]

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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, Wockhardt 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]

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

Philanthropy and education

File:WOCKHARDT 5.jpg
Wockhardt Global School in Aurangabad
  • Wockhardt Foundation
  • Wockhardt Global Schools

Script error: No such module "Labelled list hatnote". 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]

Good Manufacturing Practice violations

In 2013, the United States Food and Drug Administration uncovered widespread fraud in Wockhardt's production of generic medications, such as contamination of injectable drugs in violation of good manufacturing practice. The agency responded by restricting the company's ability to export drugs from its manufacturing plant in Aurangabad, India. Wockhardt officials responded by repeatedly threatening the involved FDA inspectors.[22]

See also

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt acquires US-based Morton Grove". The Economic Times. 24 October 2007. Retrieved 16 February 2023.
  2. ^ Page Module:Citation/CS1/styles.css has no content."Audited Financial Results For The Quarter And Year Ended 31.03.2021" (PDF). BSE. Retrieved 27 May 2021.
  3. ^ a b Page Module:Citation/CS1/styles.css has no content."Wockhardt posts net loss of Rs 237 crore in Q4 FY 23". The Economic Times. 27 May 2023. Retrieved 2 March 2024.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt – Who we are".
  5. ^ a b c Page Module:Citation/CS1/styles.css has no content.Sanju Verma, Amit Shah (2007). "Wockhardt: "Wock"ing the talk..." (PDF). HDFC Securities. India Research. Archived from the original on 3 October 2011.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt set to join billion-dollar club". Business Standard India. Business Standard. 20 March 2013. Retrieved 20 March 2013.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt Chairman's Profile". wockhardt.com. Retrieved 13 February 2017.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Priyanka Sangani (28 March 2008). "Marginal business logic". The Economic Times.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt Limited". Retrieved 9 May 2009.{{cite web}}: CS1 maint: deprecated archival service (link)
  10. ^ Page Module:Citation/CS1/styles.css has no content.T. Surendar, Charles Assisi (18 January 2008). "We need a Nano for medicines too". The Times of India.
  11. ^ Page Module:Citation/CS1/styles.css has no content.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}}: |first= has generic name (help)CS1 maint: numeric names: authors list (link)
  12. ^ Page Module:Citation/CS1/styles.css has no content."Introducing IPA- Indian Pharmaceutical Alliance". IPA, Indian Pharmaceutical Alliance. Retrieved 6 August 2023.
  13. ^ Page Module:Citation/CS1/styles.css has no content."Introducing Wockhardt". Retrieved 9 May 2009.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt sells nutrition biz to Danone for Rs 1,576 cr". Business Standard India. 3 August 2011. Retrieved 25 January 2023.
  15. ^ Page Module:Citation/CS1/styles.css has no content."UK extends COVID-19 vaccine supply deal with India's Wockhardt by 6 months". Mint. 10 February 2021.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt: the company helping to vaccinate Britain". Financial Times. Retrieved 28 June 2021.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt to produce, supply Sputnik V, Sputnik Light Covid vaccine". mint. 13 August 2021. Retrieved 21 September 2021.
  18. ^ Page Module:Citation/CS1/styles.css has no content."UPDATE 1-Wockhardt buys US Morton Grove for $38 mln". Reuters. 24 October 2007 – via www.reuters.com.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Shobhana Subramanian (3 April 2009). "Newsmaker: Habil F Khorakiwala, Scientist in a hurry". Business Standard India. Business Standard.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Wockhardt | Who we are | Board of Directors". www.wockhardt.com. Retrieved 5 November 2022.
  21. ^ Page Module:Citation/CS1/styles.css has no content.Bella, Timothy (9 March 2017). "Hip-Hop's Unlikeliest Icons: Promethazine Codeine Syrup Manufacturers". Bloomberg. Retrieved 17 May 2022.
  22. ^ Page Module:Citation/CS1/styles.css has no content.Eban, Katherine (2019). Bottle of Lies. HarperCollins. pp. 1–6, 304–307. ISBN 9780062338785.

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