(Alliance News) - Hikma Pharmaceuticals PLC on Thursday ended talks regarding the potential acquisition of GlaxoSmithKline PLC's businesses in Egypt and Tunisia.
At the end of January, Hikma has entered a non-binding term sheet for the possible acquisition of GSK's pharmaceutical and consumer businesses in Egypt and its pharmaceutical business in Tunisia.
Back then, the company noted that it plans to conduct a due diligence exercise, with the result forming the basis of further GSK talks in connection with the possible buy.
On Thursday, the Jordan-founded branded and non-branded generic drugmaker confirmed that both companies have agreed to cease discussions regarding the proposed transaction and Hikma said it will not be launching a mandatory tender offer process to acquire the shares in GlaxoSmithKline SAE Egypt.
Brentford, England-based pharmaceutical firm GSK's shares were trading 1.0% lower in London on Thursday at 1,251.40 pence each, while Hikma stock was down 1.1% at 2,247.00p a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Hikma Pharmaceuticals (HIK)
Glaxosmithkline (GSK)