(Alliance News) - Hikma Pharmaceutical on Monday said it acquired Teligent Inc's Canadian assets to expand into Canada after the company filed for bankruptcy.
The London-based multinational pharmaceutical company acquired the New Jersey-based developer, manufacturer and marketer of pharmaceutical products for USD45.8 million.
Hikma was able to acquire Teligent's Canadian assets after it filed for voluntary protection in October and initiated a sale of its core assets as part of the process.
The transaction is expected to be completed before the end of the first quarter and will mark its expansion into Canada, it said.
Teligent holds a portfolio of 25 sterile injectable products and three in-licenced ophthalmic products.
Furthermore, a pipeline of seven additional products, of which four are approved by Health Canada, a government department responsible for national health policy.
"This acquisition further expands our portfolio of essential sterile injectable medicines and gives Hikma an entry into the highly attractive Canadian injectables market. The combination of our sales and marketing expertise and this portfolio of exciting products will enable us to expand our North American business and develop a solid position in this important market," Hikma Injectables President Riad Mishlawi commented.
Hikma shares were up 1.6% at 2,089.51 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Hikma Pharmaceuticals (HIK)