Hikma Pharmaceuticals Plc Acquisition (3959M)
July 15 2014 - 10:35AM
UK Regulatory
TIDMHIK
RNS Number : 3959M
Hikma Pharmaceuticals Plc
15 July 2014
PRESS RELEASE
Hikma completes the acquisition of assets of Bedford
Laboratories
London, 15 July 2014 - Hikma Pharmaceuticals PLC ("Hikma") (LSE:
HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), the fast growing
multinational pharmaceutical group, today announces that it has
completed its acquisition of assets of the US generic injectables
business, Bedford Laboratories ("Bedford") from Ben Venue
Laboratories, Inc., a member of the Boehringer Ingelheim Group of
Companies. As previously announced, the total consideration of up
to $300 million will be satisfied through an upfront cash payment
of $225 million and contingent cash payments of up to $75 million,
subject to the achievement of performance-related milestones over a
period of five years.
Hikma is acquiring Bedford's large product portfolio,
intellectual property rights, contracts for products marketed under
license, raw material inventories, a strong R&D and business
development pipeline and a number of employees across key business
functions. The combination of these assets with Hikma's existing
global Injectables platform will significantly strengthen Hikma's
position as a leading generic injectables company in the US.
In addition, Hikma has an exclusivity arrangement with the
Boehringer Ingelheim Group to potentially acquire substantially all
of the assets of the Ben Venue manufacturing facility in Bedford,
Ohio. Due diligence is ongoing and any acquisition will be subject
to customary approvals in the United States and the United
Kingdom.
Said Darwazah, Chairman and Chief Executive Officer of Hikma
commented:
"I am very excited to have completed this transaction, which
will significantly increase the scale and scope of our US
Injectables business. Adding a large portfolio of high value, niche
and differentiated products will strengthen our market position and
Bedford's deep pipeline and impressive R&D capabilities will
support our future growth strategy. We believe that this
transaction will deliver significant future value."
-- ENDS --
Enquiries
Hikma Pharmaceuticals PLC
Susan Ringdal, VP Corporate Strategy and Director of Investor
Relations +44 (0)20 7399 2760/ +44 7776 477050
Lucinda Henderson, Deputy Director of Investor Relations +44
(0)20 7399 2765/ +44 7818 060211
FTI Consulting
Ben Atwell/ Matthew Cole/ Julia Phillips +44 (0)20 7831 3113
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 operates through three businesses: "Branded", "Injectables"
and "Generics", based principally in the Middle East and North
Africa ("MENA"), where it is a market leader, the United States and
Europe. In 2013, Hikma achieved revenues of $1,365 million and
profit attributable to shareholders of $212 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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