TIDMHIK
RNS Number : 2361U
Hikma Pharmaceuticals Plc
28 July 2015
PRESS RELEASE
Hikma acquires Roxane Laboratories, transforming its position in
the US generics market
Acquisition enhances scale and will create platform for
sustainable long-term growth
Expected to be accretive in 2016 and very strongly accretive
thereafter
London, 28 July 2015 - Hikma Pharmaceuticals PLC ("Hikma" or the
"Company") (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), the fast
growing multinational pharmaceutical group, today announces that it
has agreed to acquire Roxane Laboratories Inc. and Boehringer
Ingelheim Roxane Inc. (together, "Roxane"), from Boehringer
Ingelheim ("Boehringer"). Roxane is a well-established US specialty
generics company with a highly differentiated product portfolio and
best-in-class R&D capabilities.
Under the terms of the acquisition, on closing of the
transaction Hikma will pay gross consideration of US$1.18 billion
in cash and will issue 40 million new Hikma shares to Boehringer
(representing approximately 16.71 per cent. of Hikma's issued share
capital immediately following closing and admission). Based on an
agreed issue price for the new Hikma shares of GBP23.50 per share
and the US:GBP exchange rate of 1.56:1, the aggregate value of the
gross consideration payable on closing is approximately US$2.65
billion. Hikma has also agreed to make contingent cash payments of
up to $125 million, subject to the achievement of certain
performance milestones.
Transaction highlights
-- Transforms Hikma's position in the US generics market,
establishing Hikma as the sixth largest company by
revenue([1])
-- Adds significant breadth to Hikma's US portfolio, bringing 88
highly differentiated products in specialised and niche segments of
the market, including oncology, respiratory, extended release and
controlled substances
-- Enhances Hikma's pipeline adding 89 R&D projects,
including 57 Paragraph IV products, 13 of which are first-to-file
opportunities
-- Creates sustainable long-term growth potential, adding
Roxane's highly experienced R&D team with a successful track
record of bringing new and differentiated products to market
-- Adds a best-in-class manufacturing facility with
technologically complex formulation and alternative dosage form
capabilities, including modified release solid orals and high
potency formulations
-- Boehringer's approximate 16.71% equity stake reflects a
shared conviction in the future growth potential of the Hikma Group
and allows Boehringer to focus on growing its global core
businesses
-- Targeting Roxane revenue of $725 million to $775 million in
2017 and an EBITDA margin of around 35% over the medium-term
-- Expected to be accretive to adjusted([2]) earnings per share
("EPS") in 2016 and very strongly accretive to adjusted EPS
thereafter
Said Darwazah, Chief Executive Officer of Hikma commented:
"This transaction has significant strategic value for us,
transforming our position and scale in the US generics market.
Roxane's impressive portfolio, attractive pipeline and R&D
expertise, focusing on higher value, niche and differentiated
products, will create a platform for sustainable long-term growth.
The acquisition also significantly expands our manufacturing
capacity and technological capabilities. Roxane has an excellent
team of highly skilled employees and we are very excited about the
value they will bring to Hikma.
I am also very pleased to be further strengthening our
relationship with Boehringer Ingelheim, building on the acquisition
of Bedford Laboratories which we made in 2014. Their shared belief
in the growth potential the Hikma Group is reflected in the equity
stake that they are taking."
Michael Raya, Chief Executive Officer of West-Ward, Hikma's
wholly-owned subsidiary in the US, said:
"Roxane is highly complementary to our existing US business.
Today we are a market leader in generic injectables with a large
and increasingly differentiated product portfolio. The acquisition
of Roxane will significantly strengthen our non-injectables
business, bringing a broad and diversified non-injectables
portfolio, strong R&D capabilities and well-invested,
state-of-the-art manufacturing facilities. With this acquisition,
we will transform our US operations, becoming the sixth largest US
generics provider and ensuring we have the ability to continue our
strong trajectory of growth."
Professor Andreas Barner, Chairman of the Board of Managing
Directors of Boehringer Ingelheim commented:
"This is a great opportunity for Roxane to continue to build on
its position in the global generics market as part of a fast
growing company that has a primary focus on generics. Boehringer is
confident that this transaction can better support the already
successful Roxane business to realise its growth potential,
domestically and internationally. Through this agreement,
Boehringer Ingelheim will have a vested interest in Hikma and its
significant potential, while focusing on growing our global core
businesses as a research-driven pharmaceutical company."
Information on Roxane
Roxane is a well-established US specialty generics company that
was founded in 1885 as The Columbus Pharmaceutical Company. The
business was purchased by Boehringer in 1978 at which point its
name was changed to Roxane Laboratories, Inc. Today, Roxane has
1,360 employees supporting the development, manufacturing and
marketing of Roxane products. Roxane has a highly differentiated
product portfolio, comprising 88 different product offerings with
particular strength in immediate-release solids as well as nasal
spray, liquid and sub-lingual tablet products. Roxane has a strong
pipeline of 89 projects in various stages of development, including
32 products which are currently filed with the FDA and 57 Paragraph
IV products, and a consistent track-record of delivering new
products to market.
The production of Roxane's products occurs at its manufacturing
site in Columbus, Ohio. The facility is located on a modern 875,000
square foot site and has broad production capabilities across
solid, liquid, dry powder inhaler and nasal spray dosage forms, as
well as being able to handle high-potency products, technically
complex formulations, and controlled substance drugs. The facility
has a strong track record in regulatory inspections. Roxane has
co-located its R&D and marketing functions at the same site to
enable an integrated and responsive approach to new market
opportunities.
The gross assets of Roxane as at 31 December 2014 amounted to
US$967 million. For the year ended 31 December 2014, profit before
tax amounted to US$24 million. This information is extracted from
unaudited, draft financial statements prepared in accordance with
US GAAP. A shareholder circular to be prepared by Hikma for the
purposes of, among other things, seeking shareholder approval for
the transaction will include financial information on Roxane for
the three years ended 31 December 2014 prepared under IFRS and in
accordance with Hikma's accounting policies. The Directors expect
that the adjustments to the US GAAP gross assets and profit before
tax will mainly arise in respect of policies for revenue
recognition, inventories and fixed assets.
The results for the year ended 31 December 2014 were
significantly impacted by a number of items that are not expected
to recur, as well as ongoing costs in respect of Roxane's
investment in certain key products in its development pipeline
which in 2014 amounted to $39 million.
Roxane has a strong and experienced management team with average
industry experience of more than 25 years. Hikma expects that the
strength and depth of the Roxane team, with strong commercial,
operational, regulatory and development expertise will
significantly enhance its capabilities in the US and globally.
Background to and reasons for the acquisition
Hikma's longstanding strategy has been, and remains, to deliver
high quality, affordable generic and branded generic medicines to
patients through the Company's position as a leading global
injectables manufacturer, a leading pharmaceutical manufacturer in
MENA and emerging markets and a high quality provider of generics
in the US.
In recent years, Hikma has rapidly expanded its presence in the
US generics market. Hikma is now a leading player in the US generic
injectables market, reflecting strong organic growth and the
successful acquisition and integration of the MSI and Bedford
Laboratories businesses. Hikma has also been investing in the
development of its non-injectables business in the US, with a focus
on expanding its capabilities in specialised and niche segments of
the market. The Board believes that the acquisition is a
transformational step in delivering Hikma's commitment to
strengthen its non-injectable business in the US. It also
represents a compelling opportunity to further the Company's six
key strategic priorities of:
-- maximising portfolio opportunities;
-- strengthening and broadening the Company's product portfolio;
-- maintaining high quality and efficient manufacturing facilities to maximise profitability;
-- investing for growth;
-- developing a highly skilled and effective workforce; and
-- ensuring sustainable long-term growth.
In particular, the Board believes that the acquisition
represents a compelling strategic fit for Hikma for the following
reasons:
Roxane transforms Hikma into a leader in the US generics
market
The US generics market has attractive industry dynamics with
growth drivers including continued regulatory pressures to control
healthcare costs, an ageing population with increasing incidence of
chronic illnesses and increasing acceptance among consumers and
physicians of generics as equivalents of branded pharmaceuticals,
as well as patent cliff and loss-of-exclusivity opportunities. The
independent industry data provider US Business Monitor
International estimates that the US generic pharmaceuticals market
will grow at a compound annual rate of 6 per cent. in the period
2014 to 2019.[3]
In 2014, Hikma's Generics business, which sells non-injectable
products in the US market, generated revenue of US$216 million and
accounted for approximately 15 per cent. of Group revenue. In
recent years, the Company has been developing its growth strategy
for this business and investing to build a strong pipeline focused
on higher value, differentiated products in more niche segments of
the US generics market. The acquisition of Roxane will transform
Hikma into the sixth([4]) largest company in US generics with good
prospects for growth.
The addition of scale and product diversification to Hikma's US
Generics business will also position the Company to better serve
its customers in the US, who are themselves consolidating and
increasingly preferring suppliers with scale and a broad product
offering. In addition, the acquisition will enhance the overall
diversification of the Hikma Group and create a more balanced
business model.
Roxane has a highly differentiated product portfolio of existing
marketed products
Roxane has a large portfolio of 88 marketed products and over
300 package sizes across seven dosage forms and across a broad
range of therapeutic categories, including the high value areas of
respiratory and oncology. More than 80 per cent. of the portfolio
has at least one layer of product differentiation,[5] which creates
a high value portfolio. Roxane has a top-three market position in
over 90 per cent. of its product portfolio. In addition,
approximately 75 per cent. of Roxane's products have three or fewer
competing products.
Whilst Hikma's short-term focus will be on continuing to grow
Roxane's product portfolio and market share in the US, the Board
also intends to take these products to the Company's other markets
over time, particularly Roxane's portfolio of oncology products
into the MENA region.
Roxane has a highly differentiated and robust pipeline with
leading R&D capabilities which will help to ensure sustainable
long-term growth
Roxane has a strong pipeline of 89 projects in various stages of
development, which will support Hikma in driving sustainable
long-term growth. These include 32 products which are filed and
currently pending approval from the FDA. The pipeline is focused on
higher value, differentiated and niche products, including 57
Paragraph IV products, which are both filed and in development. All
of the pipeline products have at least one layer of product
differentiation, with particularly differentiated capabilities in
the high value areas of respiratory and oncology.
Roxane has 182 experienced and highly skilled employees in
R&D, who have a proven track record of delivering new and
differentiated products to market, with an average of eight
successful new product launches annually since 2010. The
acquisition will significantly strengthen Hikma's existing R&D
capabilities and is expected to support the continued development
of a strong product pipeline to drive sustainable long-term
growth.
Roxane will expand Hikma's manufacturing capacity and
capabilities
Roxane's manufacturing plant in Columbus, Ohio, is a
best-in-class facility that will bring new manufacturing
technologies and capabilities to Hikma, including the ability to
manufacture solids, liquids, nasal sprays and dry powder inhalers.
It also includes a standalone high containment facility, including
product and analytical development areas, quality control
laboratories, active pharmaceutical filling, manufacturing,
packaging and a finished goods warehouse. In 2014, the Roxane
manufacturing facility produced 67 million packaged units.
Roxane has co-located its R&D and marketing functions at the
same site to enable an integrated and responsive approach to new
market opportunities. With its ability to align capacity to support
commercial demand, the facility supports an average of nine new
product filings and eight new product launches annually.
Roxane has a strong track record with multiple global regulatory
authorities
Roxane has a proven track record of strong performance in
regulatory inspections. Over the past 10 years there have been no
critical findings or GMP warning letters issued to Roxane by any
global regulatory body, including the US, Europe and eight other
international agencies. This underpins the potential to
commercialise the Roxane portfolio globally over time.
Roxane is a scarce asset which would be difficult for Hikma to
replicate on the same scale and to the same level of quality
Roxane is a well-invested asset, with a rare combination of
commercial expertise, excellence in manufacturing and specialised
R&D capabilities. Boehringer has invested significantly in
Roxane since it acquired it in 1978 and has established it as a
high quality operation with a long and impressive track record of
differentiated product introductions and profitable growth. This
makes Roxane an excellent strategic fit for Hikma. It will be
highly complementary to the Company's existing US business and the
combination of Roxane and Hikma will serve to strengthen the
Company in terms of adding greater scale, product breadth, pipeline
and technological capabilities to its existing offering.
The acquisition strengthens Hikma's relationship with
Boehringer
In recent years, Hikma has developed a relationship with
Boehringer. This relationship was further strengthened with the
acquisition by Hikma in July 2014 of the US generic injectables
business, Bedford Laboratories, from Boehringer.
As part of the consideration, there will be an issuance of new
Hikma shares to Boehringer, which will represent approximately
16.71 per cent. of Hikma's issued share capital immediately
following the admission to listing of the new Hikma shares at
closing of the acquisition (assuming no issues or cancellations of
Hikma shares after the date of this announcement). This
demonstrates their strong shared conviction in the longer-term
potential of Hikma following the acquisition. It also enhances the
potential for future projects across Hikma's global businesses.
Boehringer's investment in Hikma's shares at a 13 per cent. premium
to the current share price[6] reflects their confidence in the
value creation potential for them as long-term shareholders.
Financial effects of the acquisition
The Board expects Roxane to achieve revenue of $725 million to
$775 million in 2017. It expects that Roxane will achieve an EBITDA
margin of approximately 35% over the medium-term. Assuming closing
of the acquisition in the fourth quarter of 2015, the acquisition
is expected to be accretive to adjusted EPS in 2016, the first full
year, and very strongly accretive to adjusted EPS from 2017
onwards.
It is currently intended that, following closing, the Board will
maintain Hikma's existing dividend policy, which targets a dividend
of between 20 per cent. and 30 per cent. of the annual reported
Group profits for the financial year after tax, with a long term
average around the mid-point, assuming that there are sufficient
distributable reserves available at the time.
Terms of the acquisition
Pursuant to a Stock Purchase Agreement (the "Stock Purchase
Agreement"), dated 28 July 2015 between Boehringer, as Seller, and
Hikma and Eurohealth (U.S.A.), Inc., together acting as buyers,
Hikma has agreed, subject to the terms and conditions of the Stock
Purchase Agreement, to acquire the entire issued and outstanding
capital stock of Roxane Laboratories Inc. and Boehringer Ingelheim
Roxane Inc..
At closing of the acquisition, Hikma will pay to Boehringer
gross consideration of US$1.18 billion in cash and will issue 40
million new Hikma shares to Boehringer, subject to certain
post-closing cash adjustments. Hikma has also agreed to make
contingent cash payments of up to $125 million, subject to the
achievement of certain performance milestones.
Closing of the acquisition is conditional upon, among other
things, approval by Hikma's shareholders of the acquisition and the
expiration of any HSR Act antitrust waiting period. Darhold
Limited, the Company's largest shareholder, has irrevocably
undertaken to Boehringer to vote in favour of the resolutions
necessary to implement the acquisition at the general meeting of
Hikma's shareholders. The transaction is expected to close in the
fourth quarter of 2015.
If the Stock Purchase Agreement is terminated as a result of a
change of recommendation by Hikma's Board of Directors that is not
permitted by the Stock Purchase Agreement or failure of Hikma's
shareholders to approve the acquisition, Hikma will pay Boehringer
a termination fee in the amount of US$52 million, representing just
under 1% of Hikma's market capitalisation as at the close of
business on 27 July 2015.
The remaining terms of the Stock Purchase Agreement reflect
terms customary for a transaction of this nature.
Alongside the Stock Purchase Agreement, Hikma will enter into a
supply agreement for the continued manufacture of certain
Boehringer products.
The Shareholders' Agreement
The new Hikma shares will represent approximately 16.71 per
cent. of Hikma's issued share capital immediately following closing
of the Acquisition (assuming no issues or cancellations of Hikma
shares after the date of this announcement).
Hikma and Boehringer Ingelheim International GmbH ("BI") will at
closing enter into an agreement for the purpose of governing the
ongoing relationship between Hikma and BI and its affiliates (the
"Shareholders' Agreement").
The Shareholders' Agreement will provide that:
-- subject to customary exceptions, BI and its affiliates will
not be permitted to dispose of any Hikma shares at any time from
closing until 1 January 2017. BI and its affiliates will be
permitted to dispose of 24 million Hikma shares between 1 January
2017 and 1 January 2018, with the remainder being locked-up until
after 1 January 2018;
-- Hikma will have a right of first refusal to acquire all or
part of any Hikma shares that BI or its affiliates propose to
dispose of from time to time, at a price equal to the average
closing price of a Hikma share for the five business days prior to
BI's notification to Hikma of its intention to dispose of such
shares. BI and its affiliates will be permitted to dispose of any
Hikma shares not purchased by Hikma in the wider market subject to
orderly markets provisions;
-- BI and its affiliates will be subject to standstill
provisions preventing it from, among other things, acquiring Hikma
shares or making or announcing an offer for Hikma shares. The
standstill provisions will permit BI and its affiliates to hold up
to 19.9% of Hikma's total issued share capital from time to time.
They will cease to apply if: (1) Darhold Limited's shareholding
falls below 57 million Hikma shares or Darhold Limited ceases to be
the largest shareholder in Hikma; or (2) a third party offeror
announces, on a recommended basis, a firm intention to make an
offer for the entire issued share capital of Hikma (in which case
BI will be permitted to announce a firm intention to make an offer
for the entire issued share capital of Hikma within 28 days);
and
-- BI irrevocably agrees and undertakes not to exercise (and to
procure its affiliates do not exercise) any voting rights attaching
to Hikma shares held by BI and its affiliates at any Hikma
shareholder meeting, to the extent they exceed 28.5 million voting
rights (having been issued 40 million new Hikma shares at closing).
BI will also be permitted to exercise voting rights attached to
Hikma shares acquired from third parties in accordance with the
standstill provisions, up to a maximum of 7.5 million voting rights
or 3.3% of the exercisable voting rights outstanding in Hikma at
the relevant time. In no circumstances will BI and its affiliates
be permitted to exercise voting rights in excess of 15.8% of the
exercisable voting rights outstanding in Hikma at the relevant
time.
Financing
Hikma proposes to finance the acquisition through a combination
of cash, utilisation of existing and new bank facilities, and
through the issuance of 40 million new Hikma shares to Boehringer,
which represents approximately 16.71 per cent. of Hikma's issued
share capital immediately following the admission to listing of the
new shares at closing of the acquisition (assuming no issues or
cancellations of Hikma shares after the date of this
announcement).
Advisers
Centerview Partners and Citigroup Global Markets Limited acted
as financial advisers to Hikma. White & Case LLP and Slaughter
and May acted as lead counsel to Hikma.
Morgan Stanley acted as financial advisers to Boeringher
Ingelheim and Kirkland & Ellis acted as lead counsel.
Conference call details
A conference call for analysts and investors will be held on 28
July 2015 at 09:30 BST on UK and international dial in: +44 (0) 20
3003 2666 or UK toll free dial in: 0808 109 0700. A live webcast of
the conference call will be available at
www.hikma.com/en/investors.aspx. A recording of the call will be
available on the Hikma website.
-- ENDS --
Enquiries
Hikma Pharmaceuticals PLC
Susan Ringdal, VP Corporate Strategy and 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
Zeena Murad, Investor Relations Manager +44 (0)20 7399 2768/ +44
7771 665277
FTI Consulting
Ben Atwell/ Matthew Cole +44 (0)20 3727 1000
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 2014, Hikma achieved revenues of US$1,489 million and
profit attributable to shareholders of US$299 million.
About Boehringer Ingelheim
Boehringer Ingelheim Pharmaceuticals, Inc., based in Ridgefield,
CT, is the largest US subsidiary of Boehringer Ingelheim
Corporation. Boehringer Ingelheim is one of the world's 20 leading
pharmaceutical companies. Headquartered in Ingelheim, Germany, the
company operates globally with 146 affiliates and more than 47,000
employees. Since its founding in 1885, the family-owned company has
been committed to researching, developing, manufacturing and
marketing novel treatments for human and veterinary medicine.
Boehringer Ingelheim is committed to improving lives and providing
valuable services and support to patients and families. Its
employees create and engage in programs that strengthen their
communities. In 2014, Boehringer Ingelheim achieved net sales of
approximately US$16.96 billion (EUR13.3 billion). R&D
expenditure corresponds to 19.9 percent of its net sales. For more
information visit www.us.boehringer-ingelheim.com.
Disclaimer
Centerview Partners is authorised and regulated by the Financial
Conduct Authority. Centerview Partners is acting exclusively for
Hikma Pharmaceuticals PLC ("Hikma") in connection with the matters
set out in this announcement and the proposed acquisition.
Centerview Partners is not, and will not be, responsible to anyone
other than Hikma for providing the protections afforded to its
clients or for providing advice in relation to the proposed
acquisition or any other matters referred to in this announcement.
Apart from the responsibilities and liabilities, if any, which may
be imposed on it by the Financial Services and Markets Act 2000,
Centerview accepts no responsibility whatsoever and makes no
representation or warranty, express or implied, as to the contents
of this announcement, including its accuracy, fairness,
sufficiency, completeness or verification or for any other
statement made or purported to be made by it, or on their behalf,
in connection with Hikma or the acquisition, and nothing in this
announcement is, or shall be relied upon as, a promise or
representation in this respect, whether as to the past or the
future. Centerview Partners accordingly disclaims to the fullest
extent permitted by law all and any responsibility and liability
whether arising in tort, contract or otherwise (save as referred to
above) which it might otherwise have in respect of this
announcement or any such statement.
Citi Global Markets Limited, which is authorised by the
Prudential Regulation Authority and regulated by the Prudential
Regulation Authority and the Financial Conduct Authority, is acting
exclusively for Hikma and no one else in connection with the
proposed acquisition and will not be responsible to anyone other
than Hikma for providing the protections afforded to its clients,
for providing advice in relation to the proposed acquisition or in
relation to the contents of this announcement or any transaction or
any other matters referred to herein.
This announcement does not constitute or form part of, and
should not be construed as, an offer, solicitation or invitation to
subscribe, for, underwrite or otherwise acquire, any securities of
Hikma or any member of its group in any jurisdiction or an
inducement to enter into investment activity.
This announcement is not directed at, or intended for
distribution to or use by: (i) any person or entity outside the
United Kingdom; or (ii) any person or entity that is a citizen or
resident or located in any locality, state, country or other
jurisdiction where such distribution or use would be contrary to
law or regulation or which would require any registration or
licensing.
The securities of Hikma have not been and will not be registered
under the US Securities Act of 1933, as amended (the "Securities
Act"), or with any securities regulatory authority of any state or
jurisdiction of the United States, and may not be offered, sold,
resold or otherwise transferred, directly or indirectly, in or into
the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and in compliance with any applicable securities law
of any state or other jurisdiction of the United States. There will
be no public offering of any securities of Hikma in the United
States.
This announcement contains or incorporates by reference
"forward-looking statements". These forward-looking statements may
be identified by the use of forward-looking terminology, including
the terms "believes", "estimates", "anticipates", "projects",
"expects", "intends", "aims", "plans", "predicts", "may", "will",
"seeks", "could", "would", "shall" or "should" or, in each case,
their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters
that are not historical facts and include statements regarding the
intentions, beliefs or current expectations of the Board
concerning, among other things, the Company's results of
operations, financial condition, prospects, growth, strategies and
the industries in which Hikma operates.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future or are beyond
Hikma's control. Forward-looking statements are not guarantees of
future performance and are based on one or more assumptions. The
Company's actual results of operations and financial condition and
the development of the industries in which Hikma operates may
differ materially from those suggested by the forward-looking
statements contained in this announcement. In addition, even if the
Company's actual results of operations, financial condition and the
development of the industries in which Hikma operates are
consistent with the forward-looking statements contained in this
announcement, those results or developments may not be indicative
of results or developments in subsequent periods.
The forward-looking statements contained in this announcement
speak only as of the date of this announcement. The Company and the
Board expressly disclaim any obligations or undertaking to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, unless
required to do so by applicable law, the Prospectus Rules, the
Listing Rules, the London Stock Exchange Rules or the Disclosure
Rules and Transparency Rules.
([1]) IMS Healthcare, MAT May 2015, adjusted to reflect recent
M&A activity
[2] Before amortisation (excluding software) and integration
costs
[3] United States Pharmaceuticals and Healthcare Report Q3 2015,
BMI Research, www.bmiresearch.com
[4] IMS Healthcare. MAT May 2015, adjusted to reflect recent
M&A activity
[5] Layers of differentiation include: paragraph IV
first-to-file challenges, potent compounds (High Containment
Operations products), schedule drugs I - V (DEA controlled
products), products requiring complex bioequivalence studies,
technically challenging dosage forms, API sourcing competency and
technical expertise and Risk Evaluation and Mitigation Strategies
(REMS)
[6] Based on the closing share price of GBP20.80 on 27 July
2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
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