After Consent Decree, Wockhardt May Sell US Site Amid Wider Revamp
Morton Grove Site Had Received Warning Letter Five Years Ago
Wockhardt’s US arm Morton Grove Pharmaceuticals, which is bound by a consent decree of permanent injunction, discontinues production to undertake an “orderly closure” and potential sale of its Illinois site. Indian parent firm taps contract manufacturers to service US market.
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Wockhardt expects to save up to $12m through restructuring its US business, eyeing up a potential return to profitability by 2025.
Glenmark signals “very challenging” US environment but expects things to stabilize with a string of potential new launches in the wings. The impending debut of Ryaltris, among other products, and a filing for a generic rival to Flovent could add some spark to the US business.
Glenmark has moved to bolster its over-the-counter business in the US by acquiring a portfolio of approved generic OTC products from Wockhardt.