23rd Jun 2020 09:11
(Alliance News) - JP Morgan Securities PLC on Tuesday said Boehringer Ingelheim Invest GmbH has sold 27.2 million shares in Hikma Pharmaceuticals PLC at GBP23.00 each for a total of around GBP625 million.
On Monday, JP Morgan said the German pharmaceutical company intended to exit its investment in Hikma through the sale of shares conducted by way of an accelerated bookbuild. Concurrently, Hikma committed to buy back around 12.8 million shares from Boehringer, also at GBP23.00 each.
Following completion of the placing and buyback, Boehringer no longer will have any stake in Hikma.
Hikma stock was trading 7.2% lower at 2,302.00 pence each on Tuesday morning in London, though still 16% higher than at the start of the year.
By Ife Taiwo; [email protected].
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