Mumbai, May 16: Wockhardt today said it had completed the acquisition of French firm Negma Laboratories for $265 million.

The acquisition makes Wockhardt the largest Indian drug company in Europe with a staff strength of 1,500. Wockhardt chairman Habil Khorakiwala said the company would market the patented products of Negma in Europe.

“It will provide us with the right entry vehicle into the French generics market which is valued at $2 billion. With Negma’s robust portfolio and impressive pipeline, Wockhardt will strengthen its pan-European presence,” Khorakiwala said. Negma holds 172 patents.

The company has a portfolio of 130 products in Europe. Negma is the company's fifth acquisition in Europe after Wallis, CP Pharmaceuticals (both in the UK), Esparma in Germany and Pinewood Laboratories in Ireland. Wockhardt will now have four manufacturing facilities in Europe.

Negma is the company's third acquisition in less than 12 months.

In October 2006, Wockhardt has bought Pinewood Laboratories for $150 million.

Pinewood, according to Wockhardt, is the fastest growing branded generic pharmaceutical company in Ireland and the acquisition would increase its presence in the region.

Pinewood has over 200 prescription and over-the-counter products. It is the market leader in renal therapy products and has a strong brand name in its market segments. The company also has products that are at various stages of development.