Wockhardt announces exit from generics drugs Business in US
The move has come after years of sustained losses in the segment, with the company's generics business posting a loss of approximately $8 million in FY25.
Wockhardt stated in a regulatory filing on Friday that it has initiated voluntary liquidation proceedings for its two US subsidiaries, namely Morton Grove Pharmaceuticals Inc and Wockhardt USA LLC, under Chapter 7 of the US Bankruptcy Code. Both the companies incorporated in Delaware, United States, are wholly owned by Wockhardt Bio AG.
Wockhardt's statement emphasised that the exit from the US generics sector will enhance its ability
to deliver sustainable profitability through innovation and scientific leadership. The company reiterated its commitment to pharmaceutical operations in India, the UK, Ireland, and other international markets, where its businesses continue to perform profitably.
The decision is part of Wockhardt's broader plan to streamline operations and concentrate on its high-value, innovation-driven product lines. By exiting the US generics market, the company aims
to redirect capital and executive focus toward two key growth areas of novel antibiotics and its biologicals portfolio, particularly in insulin-based therapies.
Earlier, Wockhardt's founder chairman Habil Khorakiwala had hinted about the move, saying that the company would move away from commoditised generics in the US and concentrate on launching innovative drugs developed in Europe at FDA-approved facilities.
This approach aligns with Wockhardt's long-term goal of transforming into a research-led pharmaceutical firm with a global footprint, he had stated.
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