Trouble at Wockhardt Limited
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Case Details:
Case Code : FINC084
Case Length : 15 pages
Period : 1959-2008
Pub. Date : 2013
Teaching Note : Not Available
Organization : Wockhardt Limited
Industry : Pharmaceutical
Countries : India
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FINC084) click on the button below, and select the case from the list of available cases:
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Early History of Wockhardt
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In 2008, Wockhardt Limited (Wockhardt) was a Rs. 36 billion Indian multinational pharmaceutical and biotechnology company which generated about two-thirds of its revenue from outside India. It was a research-based healthcare company with exposure in Pharmaceuticals, Biotechnology, and hospitals. By the end of CY08, Wockhardt had 15 manufacturing plants with 7000 professionals around the world. However, the company was very small in the early 1960s.
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In 1959, Khorakiwala’s father, Fakhruddin T. Khorakiwala, acquired Worli Chemical Works (WCW) which manufactured medicines for common ailments. After returning from the US, his son Khorakiwala took over WCW and renamed it ‘Wockhardt’, which meant work hard in German. When Khorakiwala took over Wockhardt in 1966, it was a Rs. 0.4 million company with 20 employees.
The company was incorporated as Wockhardt Pvt. Ltd., in 1973. In 1979, it set up a pharmaceutical formulation manufacturing plant at Aurangabad, Maharashtra, Western India. In the same year, the company floated Wockhardt Synchem Pvt. Ltd. (WSPL) to manufacture bulk drugs at Ankleshwar, Gujarat, Western India. In 1983, a manufacturing facility was set up at Kalal, Gujarat, to produce nutrition foods. In the same year, WSPL was renamed Wockhardt Ltd. and converted into a Public Limited Company. In 1985, it became a deemed public company.
In 1991, the promoters of the company incorporated First Hospitals & Heart Institute Limited (FHHIL) to start a super-specialty hospital chain in India. In 1995, Wockhardt acquired RR Medi Pharma Limited . This acquisition helped the company cut down on the costs of transporting bulky intravenous fluid to the southern parts of the country. In the same year, FHHIL started its operations. In 1997, the company set up a plant in Chandigarh, a Union Territory in Northern India, to produce pediatric and medical nutritional products.
In December 1992, the company went in for a public issue. In February 1994, Wockhardt issued US$75 million worth of Global Depository Receipts (GDRs) and in the process, became the first Indian pharmaceutical company to issue GDRs....
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