Drug maker Wockhardt has sold its nutrition businesses to global health company Abbott, presumably for USD 130 million or about Rs 650 crore, completing its Corporate Debt Restructuring (CDR) much ahead of the 2015 deadline.
Wockhardt?s nutrition category comprises brands like Farex, Dexolac, Nusobee infant formulas and Protinex.
Although the company did not disclose the size of the deal in its statement, sources told PTI that it is around USD 130 million or about Rs 650 crore.
Sources said that with this deal — third sell off in the past few weeks — Wockhardt has completed its Rs 790 crore Corporate Debt Restructuring (CDR) much ahead of its scheduled time of 2015.
The earlier two deals fetched the company Rs 290 crore — selling off German subsidiary Esparma for Rs 120 crore and the animal health business for Rs 170 crore.
The company said it expects the nutrition businesses sell off to close in the second half of 2009.
Wockhardt had bought Farex and Protinex brands for Rs 80 crore in 2006.
?At Wockhardt we invested and nurtured to build a valuable brand equity for these brands and it was time now for a specialised nutrition-focused company as Abbott to be able to leverage its full potential in the global markets,? Wockhardt Chairman Habil Khorakiwala said in a statement.