HIK Hikma Pharmaceuticals Plc

 

TIDMHIK 
 
RNS Number : 4033J 
Hikma Pharmaceuticals Plc 
30 March 2010 
 

 
 
 
                      Hikma expands in the Tunisian market 
 
London, 30 March 2010 - Hikma Pharmaceuticals PLC ("Hikma") (LSE:HIK) (NASDAQ 
Dubai: HIK), the fast growing pharmaceutical group, announces that it has agreed 
to increase its interest in Industries Pharmaceutiques Ibn Al Baytar, a Tunisian 
pharmaceutical manufacturing and marketing company, to 66% of the issued 
share-capital through the purchase of shares from existing shareholders.  Hikma 
will pay a consideration of $5 million for the additional interest which will be 
satisfied from existing cash resources. 
 
Ibn Al Baytar and its 100% owned subsidiary Medicef together operate two 
manufacturing plants in Tunisia - one for general formulation and one for 
anti-infectives.  The companies have a combined sales force of 23 
representatives covering the Tunisian market and sell 41 products in 78 dosage 
strengths and forms.  In 2009, the combined companies had revenues of $16.6 
million. 
 
The Tunisian pharmaceutical market grew by 15.6% in 2009 to reach $655 million 
in value terms.  With a population of just over 12 million people, the Tunisian 
market offers excellent growth opportunities. 
 
Through this transaction, Hikma: 
 
 
-Increases its share of the fast growing Tunisian market to approximately 3% and 
becomes the 9th largest pharmaceutical company in Tunisia1 
 
-   Enhances  its sales and marketing presence in Tunisia, increasing the number 
of sales representatives from 39 to 62 
 
-   Strengthens its footprint in MENA region, adding local manufacturing 
capacity in this important North African market 
 
-   Adds an attractive range of products covering a number of therapeutic 
categories including cardio-vascular and respiratory 
 
Hikma will assume control of Ibn Al Baytar, will consolidate its results and 
will appoint a majority of the board.  We expect this acquisition will be 
accretive in the first year of consolidation. 
 
Said Darwazah, CEO of Hikma, commented: 
"Through our existing investment, made in 1994, Hikma has known Ibn Al Baytar 
and its management team well for many years.  The opportunity to increase our 
stake and take control is highly attractive to us given the excellent growth 
prospects for the Tunisian market.  This acquisition will enable us to 
accelerate our penetration of the Tunisian market and provides a great platform 
for exporting to neighbouring and French speaking African countries. I look 
forward to working more closely with Ibn Al Baytar's experienced and successful 
team.  At the same time, we continue to pursue actively a number of other 
value-creating acquisition opportunities using our unique market insight and 
industry contacts." 
 
 
=- ENDS -- 
 
 
Enquiries 
Hikma Pharmaceuticals PLC 
Susan Ringdal, Investor Relations Director          Tel: +44 (0)20 7399 2760 
 
Brunswick Group 
Jon Coles / Justine McIlroy                                          Tel: +44 
(0)20 7404 5959 
 
 
About Hikma 
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on 
developing, manufacturing and marketing a broad range of both branded and 
non-branded generic and in-licensed  products.  Hikma's operations are conducted 
through three businesses: "Branded", "Injectables" and "Generics" based 
principally in the Middle East and North Africa ("MENA") region, where it is a 
market leader, the United States and Europe.  In 2009, Hikma achieved revenues 
of $637 million and profit attributable to shareholders of $78 million.  For 
news and other information, please visit www.hikma.com. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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