28th Jul 2015 06:32
LONDON (Alliance News) - FTSE 100-listed Hikma Pharmaceuticals PLC on Tuesday said it has agreed a USD2.65 billion deal to acquire Roxane Laboratories Inc and Boehringer Ingelheim Roxane Inc from Boehringer Ingelheim, the German pharmaceutical company.
The Roxane businesses are a US specialty generics operation, Hikma said.
Under the terms of the deal, Hikma will issue 40 million shares to Boehringer at 2,350 pence per share, along with a USD1.18 billion cash payment. Hikma shares closed Monday at 2,080.00p.
Hikma said the deal will significantly expand its US portfolio, including oncology, repiratory, extended release and controlled substances products.
"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," said Hikma Chief Executive Said Darwazah.
By Sam Unsted; [email protected]; @SamUAtAlliance
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