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Hikma PharmaceuticalsAnnouncement

06/09/2014 16:37

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RNS Number : 3959M
Hikma Pharmaceuticals Plc
15 July 2014 
 
PRESS RELEASE 
 
Hikma completes the acquisition of assets of Bedford Laboratories 
 
London, 15 July 2014 - Hikma Pharmaceuticals PLC ("Hikma") (LSE: HIK) (NASDAQ
Dubai: HIK) (OTC: HKMPY), the fast growing multinational pharmaceutical group,
today announces that it has completed its acquisition of assets of the US
generic injectables business, Bedford Laboratories ("Bedford") from Ben Venue
Laboratories, Inc., a member of the Boehringer Ingelheim Group of Companies. 
As previously announced, the total consideration of up to $300 million will be
satisfied through an upfront cash payment of $225 million and contingent cash
payments of up to $75 million, subject to the achievement of
performance-related milestones over a period of five years. 
 
Hikma is acquiring Bedford's large product portfolio, intellectual property
rights, contracts for products marketed under license, raw material
inventories, a strong R&D and business development pipeline and a number of
employees across key business functions.  The combination of these assets with
Hikma's existing global Injectables platform will significantly strengthen
Hikma's position as a leading generic injectables company in the US. 
 
In addition, Hikma has an exclusivity arrangement with the Boehringer
Ingelheim Group to potentially acquire substantially all of the assets of the
Ben Venue manufacturing facility in Bedford, Ohio.  Due diligence is ongoing
and any acquisition will be subject to customary approvals in the United
States and the United Kingdom. 
 
Said Darwazah, Chairman and Chief Executive Officer of Hikma commented: 
 
"I am very excited to have completed this transaction, which will
significantly increase the scale and scope of our US Injectables business. 
Adding a large portfolio of high value, niche and differentiated products will
strengthen our market position and Bedford's deep pipeline and impressive R&D
capabilities will support our future growth strategy.  We believe that this
transaction will deliver significant future value." 
 
--  ENDS  -- 
 
Enquiries 
 
Hikma Pharmaceuticals PLC 
 
Susan Ringdal, VP Corporate Strategy and Director of Investor Relations    
+44 (0)20 7399 2760/ +44 7776 477050 
 
Lucinda Henderson, Deputy Director of Investor Relations                      
          +44 (0)20 7399 2765/ +44 7818 060211 
 
FTI Consulting 
 
Ben Atwell/ Matthew Cole/ Julia Phillips                                      
                          +44 (0)20 7831 3113 
 
About Hikma 
 
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on
developing, manufacturing and marketing a broad range of both branded and
non-branded generic and in-licensed products.  Hikma operates through three
businesses: "Branded", "Injectables" and "Generics", based principally in the
Middle East and North Africa ("MENA"), where it is a market leader, the United
States and Europe.  In 2013, Hikma achieved revenues of $1,365 million and
profit attributable to shareholders of $212 million. 
 
This information is provided by RNS
The company news service from the London Stock Exchange