Wockhardt is aiming to turnaround its business operations and has perused important strategic initiatives for the same. The company is eying big on the restructuring of the US Business, vaccine tie-up with Serum for vaccine manufacturing in UK and Novel Antibiotics research to drive the business forward.
In the restructuring of its US operations, company is shutting down its manufacturing facility at Morton Grove and transferring the site to contract manufacturing organisations. This restructuring is estimated to result in annual savings of around $12 million. Post restructuring company looks to maintain sales with a 40 percent gross margin and manufacture few products with higher margin through a third party.
Wockhardt is a research based global pharmaceutical and Biotech Company headquartered in Mumbai, India.
