10th Sep 2024 09:09
(Alliance News) - Hikma Pharmaceuticals PLC announced on Tuesday it has completed its acquisition of the US finished dosage form business. Denmark-based Xellia Pharmaceuticals ApS.
Xellia's FDF business provides a range of ready-to-use injectable products for anti-infective treatments.
Hikma is a London-based pharmaceutical maker with operations in Jordan said it had received clearance under applicable US antitrust laws to acquire the FDF business and related assets.
Hikma is paying USD135 million cash, plus an additional contingent consideration of up to USD50 million, payable upon its achievement of agreed regulatory and commercial milestones.
The acquisition includes a commercial portfolio and pipeline of differentiated products; a manufacturing facility in Cleveland, Ohio; sales and marketing capabilities, and a [research & development] centre in Zagreb, Croatia.
Hikma's transaction is expected to support the long term grown of its Injectables business, as well as diversify and enrich its US Injectables portfolio and pipeline. It will also expand Hikma's manufacturing capacity and enhance its research & development capabilities. The company expects core earnings that are neutral to the group in the first 12 months after closing the deal, and accretive earnings from then onwards.
Bill Larkins, president of Injectables, said: "This acquisition adds significant scale to our US operations and enhances our US injectable manufacturing capabilities and portfolio by adding complex technologies. I am confident that this transaction will deliver significant future value to our Injectables business, supporting growth over the medium term."
Shares in Hikma Pharmaceuticals were down 1.5% at 1,915.00 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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