Business
Hikma enters Egyptian market
Hikma enters Egyptian market.
About this update from Hikma Pharmaceuticals Plc
[{"type":"text","content":"\n Hikma Pharmaceuticals Plc\n09 August 2007\n\n\n\n Hikma acquires Egyptian pharmaceutical company\n\n\nLONDON, 9 August 2007 - Hikma Pharmaceuticals PLC ('Hikma')(LSE: HIK)(DIFX:\nHIK), the multinational pharmaceuticals group, announces that it has agreed to\nacquire the entire issued share capital of Alkan Pharma ('Alkan')(the \n'Company'), an Egyptian pharmaceuticals company, for a cash consideration of\n$60.5 million (EGP 342 million). The acquisition is scheduled to complete in\nthe second half of 2007, subject to meeting certain regulatory requirements. The\nacquisition will be funded entirely by debt.\n\n\n\nAlkan develops, manufactures and markets generic pharmaceuticals in both solid\nand liquid form for the Egyptian market. Alkan has 175 registered\npharmaceutical products, including nearly 60 products under license from leading\nmultinational pharmaceutical companies. In addition, the Company has 140\nproducts pending registration. Alkan's product portfolio spans a number of\ntherapeutic categories, including Alimentary and Metabolic, Musculoskeletal and\nInfectious Disease.\n\n\n\nAlkan's substantial sales and marketing infrastructure, which includes more than\n200 sales and marketing staff, operates across Egypt and has excellent\nrelationships with distributors, doctors and pharmacists. The Company's\nmanufacturing facilities operate at a very high standard and are routinely\naudited by local Egyptian health authorities as well as by its multinational\nlicensing partners.\n\n\n\nAlkan has grown sales by 18% and 34% in the past two years, respectively, with\nnet sales in 2006 of $14.6 million (2005: $10.9 million) and profit before tax\nin 2006 of $3.5 million (2005: $1.5 million).\n\n\n\nSaid Darwazah, CEO of Hikma commented:\n\n\n\n'Alkan's local manufacturing capabilities, strong product portfolio and\nregistration pipeline, together with its significant sales force, provides Hikma\nwith an excellent platform from which to access the large and growing Egyptian\nmarket. Alkan offers a strong commercial and distribution platform from which\nto introduce Hikma's branded generics into the Egyptian market and adds a broad\nproduct portfolio and pipeline that can be leveraged into Hikma's existing\nmarkets. Alkan has a strong management team and we look forward to working with\nthem to build Hikma's presence in the Eg...