Pharmaceutical and biotechnology major Wockhardt Ltd has sold its German subsidiary Esparma to Mova GmbH, a subsidiary of German drug major Lindopharm, for undisclosed amount.

It should be noted that Wockhardt had acquired the Esparma business in May 2004 for $11 million (Rs 50 crore) to enter the German market.

Esparma has a portfolio of 135 marketing authorizations, of which 67 are in Germany, according to the Wockhardt website. The company has 9 international patents and 94 trademarks.

Apart from latest development, the company has already secured nod from shareholder to sell its animal healthcare division, a non-core asset with a turnover of about Rs 100 crore.

The share prices of the company currently trading at Rs 128, down 2% compared to its previous close. The counter has made 52-week-high and low of Rs 252 and Rs 68 respectively.