Hikma Pharmaceuticals Plc Acquisition (1070V)
January 09 2013 - 2:00AM
UK Regulatory
TIDMHIK
RNS Number : 1070V
Hikma Pharmaceuticals Plc
09 January 2013
PRESS RELEASE
Hikma agrees to acquire the Egyptian Company for Pharmaceuticals
& Chemical Industries, strengthening its position in the large
and fast growing Egyptian market
London, 9 January 2013 - Hikma Pharmaceuticals PLC (LSE: HIK)
(NASDAQ Dubai: HIK) ("Hikma"), the fast growing multinational
pharmaceutical group, today announces that it has agreed to acquire
the Egyptian Company for Pharmaceuticals & Chemical Industries
("EPCI") from a consortium of shareholders. Hikma will pay an
aggregate cash consideration of EGP 142.4 million upon closing, or
approximately USD 22.2 million, based on the current exchange
rate.[1]
The acquisition of EPCI:
-- Strengthens Hikma's position in the large and fast growing Egyptian market
-- Adds a complementary portfolio of 35 products([2]) in 46
dosage forms and strengths, including 3 original cephalosporin
anti-infective brands for the Egyptian market
-- Enhances Hikma's portfolio in key therapeutic areas such as
cephalosporin anti-infectives, central nervous system and
alimentary tract and provides entry into the ophthalmology
market
-- Adds a dedicated cephalosporin facility and an additional
general formulation manufacturing plant in Egypt
-- Leverages Hikma's established market position in Egypt and strong sales and marketing team
The Egyptian pharmaceutical market is one of the largest and
fastest growing MENA markets. According to IMS Health,[3] the
private retail market is valued at around $2.3 billion and grew by
10.6% in the twelve months to June 2012. With a population of
approximately 84[4] million
people, the Egyptian market offers excellent growth
opportunities. Hikma Egypt is currently the seventeenth largest
pharmaceutical manufacturer in Egypt, with an estimated market
share of 1.6%.[5]
Commenting on the transaction, Said Darwazah, CEO of Hikma said,
"Since we entered the Egyptian market in 2007, we have been rapidly
growing our presence. This acquisition will further accelerate that
growth, expanding our product portfolio and adding additional
manufacturing capacity and technologies. We continue to strengthen
our position as the leading regional manufacturer in MENA and to
pursue other value-creating acquisition opportunities in the
region."
Closing is expected to occur before February 14(th) 2013 and is
conditional on fulfillment of conditions precedent.
HC Securities and Investment, the Cairo-based investment bank,
acted as advisor to Hikma on this acquisition.
----- ENDS -----
Enquiries
Hikma Pharmaceuticals PLC
Susan Ringdal, Investor Relations Director +44 (0)20 7399 2760/
07776 477 050
Lucinda Henderson, Investor Relations Manager +44 (0)20 7399
2765/ 07818 060 211
FTI Consulting +44 (0)20 7831 3113
Ben Atwell /Julia Phillips/Jonathan Birt/Matthew Cole
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 2011,
Hikma achieved revenues of $918.0 million and profit attributable
to shareholders of $80.1 million.
[1] The actual US dollar cash consideration will depend on the
US dollar/ Egyptian Pound exchange rate on the date of closing
[2] EPCI has a portfolio of 35 products, of which 27 are new
products to Hikma Egypt
[3] IMS Health MAT 06/2012
[4] The CIA World Factbook, July 2012 estimate
[5] IMS Health YTD 06/2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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