Hikma to acquire Egyptian drug co for $2.2 mln

By Admin
Manufacturer of branded and non-branded generic and in-licensed pharmaceutical products Hikma Pharmaceuticals Plc has agreed to acquire Egyptian Compan...

Manufacturer of branded and non-branded generic and in-licensed pharmaceutical products Hikma Pharmaceuticals Plc has agreed to acquire Egyptian Company for Pharmaceuticals & Chemical Industries for $22.2 million in cash to strengthen its position in the Egyptian market.

The acquisition of EPCI will add a portfolio of 35 products in 46 dosages and strengths including three cephaslosporin anti-infection brands for the local market.

The global drug maker expects to complete the purchase before Feb 14. 

Said Darwazah, Hikma CEO, said, “Since we entered the Egyptian market in 2007, we have been rapidly growing our presence.” Mr. Darwazah also said, “This acquisition will further accelerate that growth.” Hikma said, the drug market of Egypt is one of the largest and fastest growing markets in the Middle East and North Africa.

The private retail market is worth about $2.3 billion and grew by 11% in 12 months to June 2012. 

Analysts James Vane Tempest and Peter Welford of Jefferies International Ltd said, the acquisition improves Hikma’s long-term prospects in the region, and should further boost investor confidence that Hikma can deliver on its acquisition strategy.

Cairo-based HC Securities & Investment acted as adviser to Hikma on the deal.

Hikma Pharmaceuticals is a multinational pharmaceutical company based in London. It manufactures branded and non-branded generic and in-licensed pharmaceutical products. The company was first listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Hikma was founded in Amman, Jordan in 1978 by its current Chairman, Mr. Samih Darwaza.

Share
Share

Featured Articles

Tata Consultancy Report Shows AI in Healthcare on Rise

Tata Consultancy Services AI for Business Global Study shows that three-quarters of healthcare leaders are deploying AI to drive innovation and efficiency

McKinsey: Consumers Demand Data-driven Wellness Products

New McKinsey Future of Wellness survey shows that consumers demand data-driven wellness solutions to improve health, sleep, nutrition, fitness & longevity

SpaceX Starlink Launch Boost for Indonesia Healthcare

As SpaceX CEO Elon Musk helps launch new satellite in Indonesia, we look at how the Starlink programme is improving healthcare provision in remote areas

J&J Targets Supplier Sustainability to Cut Healthcare GHGs

Sustainability

Walgreens to Sell Over-the-Counter Opioid Overdose Drug

Medical Devices & Pharma

McKinsey Health Institute: Focus on Health Insights Body

Digital Healthcare