26th Jan 2021 08:28
(Alliance News) - Hikma Pharmaceuticals PLC on Tuesday confirmed it has entered a non-binding term sheet for the possible acquisition of GlaxoSmithKline PLC businesses in Egypt and Tunisia.
The Jordan-founded branded and non-branded generic drugmaker noted GlaxoSmithKline SAE's disclosure to the Egyptian Exchange on Tuesday and confirmed a non-binding agreement has been signed.
Under the deal, Hikma would acquire Glaxo's Egyptian pharmaceutical and consumer commercialisation and manufacturing businesses, as well as Glaxo's Tunisian pharmaceutical business.
Hikma said it plans to conduct a due diligence exercise, with the result forming the basis of further Glaxo talks in connection with the possible buy. Updates will follow "in due course".
"The proposed transaction is subject to a number of conditions, including the finalisation of definitive and legally binding documents and the completion of due diligence by Hikma. As such, there can be no guarantee at this stage that the proposed transaction will progress," said Hikma.
Shares in Hikma were up 0.2% at 2,499.00 pence in London on Tuesday morning, while Glaxo's shares were up 0.6% at 1,412.80p.
By Anna Farley; [email protected]
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