22nd Jan 2007 07:02
Hikma Pharmaceuticals Plc22 January 2007 Hikma expands into the oncology market LONDON, 22 January 2007 - Hikma Pharmaceuticals PLC ("Hikma") (LSE: HIK) (DIFX:HIK), the multinational pharmaceuticals group, announces that it has agreed toacquire the entire issued share capital of Ribosepharm GmbH ("the Company" or"Ribosepharm"), a German oncology sales and marketing company, from RatiopharmGmbH for a cash consideration of $45.0 million (€34.7 million). Completion ofthe acquisition is expected to occur on 25 January 2007. The acquisition will bemade on a cash-free and debt-free basis and will be subject to certain workingcapital and contract-based adjustments. The acquisition will be funded throughexisting cash resources. Ribosepharm is a well-established and successful oncology company, specialisingin the marketing and distribution of branded generic injectable oncologyproducts both to private practices and hospitals in Germany. The Company'sexperienced sales force has significant market coverage of the principalprescribers of oncology products in Germany and its product portfolio generatesfavourable margins. For the year ended 31 December 2005, Ribosepharm had net sales of $43.2 million(€33.3 million) and profit before tax of $10.1 million (€7.8 million). At theend of 2005, Ribosepharm had total assets of $55.7 million (€42.9 million) andtotal liabilities of $55.7 million (€42.9 million). Based on managementaccounts, sales attributable to the products remaining in the Company followingcompletion of the acquisition, being the core generic portfolio, are expected tobe approximately $24.4 million (€18.8 million) in 2006. Samih Darwazah, Chairman & CEO of Hikma, commented: "The acquisition ofRibosepharm provides us with an excellent platform from which to enter the largeand fast-growing oncology market, which is forecast to become the second largestwithin the pharmaceutical industry by 2010. Ribosepharm has a strong position inGermany, one of the largest European oncology markets, and significantdistribution capabilities. We will be able to draw on its experience in thefield of oncology and use its expertise to expand into other oncology markets inEurope, as well as into the United States and the MENA region. We look forwardto working with Dr. Kudielka, Ribosepharm's Managing Director, and hisexperienced team." - ENDS - Enquiries: Hikma Pharmaceuticals PLCSusan Ringdal +44 20 7399 2760Investor Relations Director Brunswick GroupJon Coles / Justine McIlroy / Alex Tweed +44 20 7404 5959 About Hikma Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused ondeveloping, manufacturing and marketing a broad range of both branded andnon-branded generic and in-licensed pharmaceutical products. Hikma's operationsare conducted through three businesses: Generic, Branded and InjectablePharmaceuticals. Hikma's operations are based principally in the United States,the Middle East and North Africa ("MENA") region and Europe. In 2005, the Grouphad revenue of $262 million and profit attributable to shareholders of $44million. At 31 December 2005, the Group had over 1,800 employees. For news andother information, please visit www.hikma.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hikma Pharmaceuticals