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LONDON (Alliance News) - Hikma Pharmaceuticals Plc (HIK.L, HKMPY.PK), multinational pharmaceutical group, announced Wednesday that it has signed a 50:50 joint venture agreement with MIDROC Pharmaceuticals Limited, a member of Sheikh Mohammed Hussein Al Amoudi's MIDROC Group, to establish a presence in the Ethiopian pharmaceutical market. The joint venture will be called HikmaCure.
Over the next five years, HikmaCure will establish an Ethiopian operating company, build a local manufacturing facility and will begin marketing and distributing pharmaceutical products in Ethiopia, Hikma said.
In the short term, MIDROC will work with Hikma and HikmaCure to register, market and distribute Hikma's products in the Ethiopian market.
According to the company, Hikma and MIDROC will invest in HikmaCure in equal proportions and have committed to provide up to $22.3 million each in cash. The funds will be invested over time and will be used to build and fit-out a local manufacturing and distribution facility in Ethiopia and to provide working capital support for the operations of HikmaCure. The facility is expected to begin commercial production in 2017.
Copyright RTT News/dpa-AFX
