Hikma expands in the Algerian market
April 12 2010 - 4:14AM
UK Regulatory
TIDMHIK
RNS Number : 0219K
Hikma Pharmaceuticals Plc
12 April 2010
Hikma expands its manufacturing capabilities in Algeria
LONDON, 12 April 2010 - Hikma Pharmaceuticals PLC ("Hikma")(LSE: HIK, NASDAQ
Dubai: HIK), the fast growing multinational pharmaceutical group, announces that
its wholly-owned subsidiary, Arab Pharmaceutical Manufacturing Company ('APM'),
has signed an agreement to acquire the 50% stake that it did not previously own
in the Algerian company Al Dar Al Arabia Pharmaceutical Manufacturing Company
("Al Dar Al Arabia") from the Jordanian pharmaceutical company, Dar Al Dawa, for
a consideration of $18.5 million.
Al Dar Al Arabia was established in 2005 as a joint venture between APM, a
wholly-owned subsidiary of Hikma, and Dar Al Dawa. The company owns a 6,000 m2
manufacturing facility that has recently been constructed to the highest
international standards and approximately 21,000 m2 of land in an industrial
zone in Algiers. Once operational, the Al Dar Al Arabia plant will double
Hikma's manufacturing capacity in Algeria and will provide significant scope for
further expansion.
Algeria is the second largest pharmaceutical market in the MENA region.
Following recent changes to regulations that encourage local production, it has
become increasingly important for Hikma to expand its manufacturing capabilities
in this country. The acquisition will facilitate the expansion of Hikma in
Algeria and will help to meet the rapidly growing demand for high quality drugs
in the MENA region.
The transaction is conditional upon the satisfaction of various legal
requirements and official procedures and is expected to close at the end of June
2010. The acquisition will be funded by existing cash resources.
=- 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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