Hikma Pharmaceuticals Expands in Egypt With $22 Million Acquisition
1/10/2013 8:07:25 AM
Fast-growing Jordan-headquartered drugmaker Hikma Pharmaceuticals (LSE: HIK) says 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 142.4 million Egyptian pounds (around $22.2 million) on closing, which is expected before February 14, 2013. According to Hikma, the acquisition of EPCI: Enjoying this article? Have the leading Biopharma news & analysis delivered daily on email by signing up for our FREE email newsletter here. • strengthens the firm’s position in the large and fast growing Egyptian market; • adds a complementary portfolio of 35 products in 46 dosage forms and strengths, including three 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; and • 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 Middle East and North Africa (MENA) markets. According to IMS Health, the private retail market is valued at around $2.3 billion and grew by 10.6% in the 12 months to June 2012. With a population of approximately 84 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%.