Wockhardt to Exit US Generic Drugs Ops, Seeks to Liquidate Units

Wockhardtis exiting generic pharmaceuticals business in the US and has filed for liquidation of two subsidiaries through bankruptcy process, the Indian drugmaker said in a statement to the exchanges.

• Co. filed for voluntary liquidation under Chapter 7 of the US Bankruptcy Code for Morton Grove Pharmaceuticals and Wockhardt USA
• The strategic realignment of US business is in line with a long-term vision to build innovation-driven pharmaceutical enterprise
  • Plan deeper focus and investment in its advanced product portfolio, including in new antibiotic drug discovery and biologicals in insulin
• Wockhardt’s US generics segment has been reporting losses for years
  • In fiscal ...