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Wockhardt denies media report on asset sale talks
April 29, 2014 / 12:57 PM / 4 years ago

Wockhardt denies media report on asset sale talks

MUMBAI (Reuters) - Generic drugmaker Wockhardt Ltd denied on Tuesday a media report that said U.S. drugmakers Mylan Inc and Pfizer Inc were in talks with the company to buy some of its assets.

A person holds pharmaceutical tablets and capsules in this picture illustration taken in Ljubljana September 18, 2013. Picture taken September 18. REUTERS/Srdjan Zivulovic/Files

Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the company planned to focus only on overseas markets.

Shares in Wockhardt, which has been hit by a rash of regulatory sanctions due to poor manufacturing quality, ended up 12.1 percent at their highest close in nine months, having risen as much as 17.3 percent during the day in a weak Mumbai market.

“Presently we do not believe that there is any information/announcement of the nature sought by you,” Wockhardt said in a statement to the exchanges. “In the event that there is any development that requires disclosure, we will make the same immediately in accordance with regulatory requirements.”

Reporting by Zeba Siddiqui in Mumbai; Editing by Anand Basu

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