Home Money Drugmaker Hikma to buy out Danish rival in deal worth up to £146m

Drugmaker Hikma to buy out Danish rival in deal worth up to £146m

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Hikma Pharmaceuticals has revealed that it has bought several US injectable assets from Danish company Xellia Pharmaceuticals for $135m (£106m).
  • The Danish Xellia specializes in injectable antibiotics
  • London-listed Hikma to pay initial $135 million for parts of company

Hikma Pharmaceuticals will acquire parts of the Danish firm Xellia Pharmaceuticals, a pharmaceutical company specializing in injectable antibiotics.

The London-listed company will pay $135m (£106m), with a further $50m (£39m) subject to the achievement of certain regulatory and commercial milestones.

Hikma will acquire parts of Xellia’s finished dosage form business and assets in the United States.

According to its statement, this will include a manufacturing facility in Cleveland, Ohio, sales and marketing capabilities, and a research and development center in Zagreb, Croatia.

The acquisition will add eight approved and marketed injectable products to Hikma’s US portfolio and 11 products in development.

Hikma Pharmaceuticals has revealed that it has bought several US injectable assets from Danish company Xellia Pharmaceuticals for $135m (£106m).

Riad Mishlawi, CEO of Hikma, said: ‘Hikma has grown to become a top three US supplier of sterile injectable medicines thanks to our strong track record of successful acquisitions like this that increase value.

‘This acquisition will add significant scale to our US operations and enhance our US injectables manufacturing portfolio and capabilities by adding complex technologies.

“I am confident that this transaction will add significant future value to our injectables business, supporting medium-term growth.”

Dr Bill Larkins, President of Hikma Injectables, added: “This acquisition strengthens our injectables business and I am particularly excited about the potential to further develop our portfolio with the talented and experienced team at the Zagreb R&D facility.

“Combining Xellia’s assets with our quality manufacturing expertise and strong commercial capabilities puts us in an even stronger position to serve the growing needs of hospitals and patients.”

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In April, Hikma revealed that it expects the group’s revenue to grow in the range of 4 percent to 6 percent and core operating profit to be in the range of $660 million to $700 million in 2024, in line with the previous orientation.

It also added that it expects injectable revenue in 2024 to grow in the range of 6 percent and 8 percent and core operating margin to be between 36 percent and 37 percent.

Hikma Pharmaceuticals Stock They rose 0.56 percent to 1,969 pence in early afternoon trading on Monday.

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