Re Agreement with Unimark Remedies Limited (9635E)
April 15 2011 - 2:00AM
UK Regulatory
TIDMHIK
RNS Number : 9635E
Hikma Pharmaceuticals Plc
15 April 2011
Hikma enters into a strategic partnership with the Indian
pharmaceutical company Unimark Remedies Limited
London, 15 April 2011 - Hikma Pharmaceuticals PLC (LSE: HIK)
(NASDAQ Dubai: HIK) ("Hikma"), the fast growing multinational
pharmaceutical group, today announces that it has agreed to acquire
a minority interest in Unimark Remedies Limited ("Unimark") through
the subscription of new equity for a cash consideration of $33.3
million.
Unimark, a privately held company, is one of India's leading
manufacturers of active pharmaceutical ingredients ("API") and API
intermediates. Unimark's broad product range includes betalactams,
cephalosporins, carbapenems and covers a number of therapeutic
segments including cardiovascular, anti-asthma and anti-infectives.
Unimark operates three API facilities, two of which are US FDA
approved, and two R&D centres, all of which are in India.
Commenting on the transaction, Said Darwazah, CEO of Hikma said,
"Through this strategic partnership, Hikma and Unimark will
collaborate on the development of strategic APIs and ANDAs.
Unimark's strong technical and R&D capabilities will complement
Hikma's in-house R&D efforts and are expected to enable Hikma
to bring more products in more therapeutic categories to market
globally. Unimark has an excellent reputation for quality and we
look forward to working with their experienced management and
operational teams."
Commenting on the transaction, Mehul Parekh, Managing Director
of Unimark said, "This partnership reaffirms Unimark's strong
capabilities in both the development and manufacturing of APIs and
its growing presence in formulations for both emerging and
developed markets. Hikma is amongst the world's leading generic
companies with a strong presence in the MENA, US and European
markets. We look forward to working with Hikma to nurture a
mutually beneficial and long term partnership."
The transaction is subject to certain conditions precedent and
is expected to close in mid-May. It will be funded by a combination
of cash and existing debt financing.
Yes Bank acted as Hikma's sole financial adviser on the
transaction. KPMG India acted as sole financial adviser to Unimark
on the transaction.
----- ENDS -----
Enquiries
Hikma Pharmaceuticals PLC
Susan Ringdal, Investor Relations
Director +44 (0)20 7399 2760/07776 477 050
Dorothee Rambourg, Investor Relations
Manager +44 (0) 7827 276 380
Financial Dynamics +44 (0)20 7831 3113
Ben Atwell /Julia Phillips/Jonathan
Birt/Matthew Cole
Unimark Remedies Limited +91 22 6730 4143
Yogesh Parikh, Executive Director
About Unimark
Unimark is an integrated pharmaceutical company specialising in
the manufacture and distribution of API and API intermediates. In
addition to its expertise in APIs, Unimark has a growing
formulation business and developing R&D capabilities. In the
Indian domestic market, Unimark has a presence in niche segments
including oncology, critical care and medical devices. Unimark
serves over 500 customers, including a number of global
pharmaceutical manufacturers, across 65 countries. Unimark employs
1,650 people, including 140 people in research and development.
About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational
pharmaceutical 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 2010,
Hikma achieved revenues of $731 million and profit attributable to
shareholders of $99 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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