Addressing a news conference here today, Wockhardt chairman and managing director, H F Khorakiwala announced the company's operating profits have increased by 37 per cent to Rs 5.4 crore. Wockhardt and Merind's combined turnover was Rs 364 crore while the net profit was Rs 44 crore.

The chairman said Wockhardt has forged a marketing joint venture with the US-based Sidmak Laboratories Inc for a range of products. The alliance would cover a series of 15 Wockhardt products to be launched in the US market between February 1999 and 2003.

"The joint venture aims to have sales in the range of over US $ 100 million, during a five year period. The unique feature of thisventure is that it is based on sharing of both costs and profits and all product labels will carry the NAES and logos of both Wockhardt and Sidmak". The current brand sales of the 15 Wockhardt products in the US alone exceeds.

The first product to go via this joint venture will be Wockhardt's ranitidine tablets, for which an Abbreviated New Drug Application (ANDA) approval was received in December 1998. The launch quantities are likely to shipped within the next few days and the launch is scheduled for February 1999.