Last checked at 15 Apr 2011 07:00
Hikma enters into a strategic partnership with the Indian pharmaceutical company Unimark Remedies Limited
London, 15 April 2011 - Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) ("Hikma"), the fast growing multinational pharmaceutical group, today announces that it has agreed to acquire a minority interest in Unimark Remedies Limited ("Unimark") through the subscription of new equity for a cash consideration of $33.3 million.
Unimark, a privately held company, is one of India's leading manufacturers of active pharmaceutical ingredients ("API") and API intermediates. Unimark's broad product range includes betalactams, cephalosporins, carbapenems and covers a number of therapeutic segments including cardiovascular, anti-asthma and anti-infectives. Unimark operates three API facilities, two of which are US FDA approved, and two R&D centres, all of which are in India.
Commenting on the transaction, Said Darwazah, CEO of Hikma said, "Through this strategic partnership, Hikma and Unimark will collaborate on the development of strategic APIs and ANDAs. Unimark's strong technical and R&D capabilities will complement Hikma's in-house R&D efforts and are expected to enable Hikma to bring more products in more therapeutic categories to market globally. Unimark has an excellent reputation for quality and we look forward to working with their experienced management and operational teams."
Commenting on the transaction, Mehul Parekh, Managing Director of Unimark said, "This partnership reaffirms Unimark's strong capabilities in both the development and manufacturing of APIs and its growing presence in formulations for both emerging and developed markets. Hikma is amongst the world's leading generic companies with a strong presence in the MENA, US and European markets. We look forward to working with Hikma to nurture a mutually beneficial and long term partnership."
The transaction is subject to certain conditions precedent and is expected to close in mid-May. It will be funded by a combination of cash and existing debt financing.
Yes Bank acted as Hikma's sole financial adviser on the transaction. KPMG India acted as sole financial adviser to Unimark on the transaction.
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Enquiries
Hikma Pharmaceuticals PLC | |
Susan Ringdal, Investor Relations Director | +44 (0)20 7399 2760/07776 477 050 |
Dorothée Rambourg, Investor Relations Manager | +44 (0) 7827 276 380 |
Financial Dynamics | +44 (0)20 7831 3113 |
Ben Atwell /Julia Phillips/Jonathan Birt/Matthew Cole | |
Unimark Remedies Limited | +91 22 6730 4143 |
Yogesh Parikh, Executive Director |
About Unimark
Unimark is an integrated pharmaceutical company specialising in the manufacture and distribution of API and API intermediates. In addition to its expertise in APIs, Unimark has a growing formulation business and developing R&D capabilities. In the Indian domestic market, Unimark has a presence in niche segments including oncology, critical care and medical devices. Unimark serves over 500 customers, including a number of global pharmaceutical manufacturers, across 65 countries. Unimark employs 1,650 people, including 140 people in research and development.
About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational pharmaceutical group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed products. Hikma's operations are conducted through three businesses: "Branded", "Injectables" and "Generics" based principally in the Middle East and North Africa ("MENA") region, where it is a market leader, the United States and Europe. In 2010, Hikma achieved revenues of $731 million and profit attributable to shareholders of $99 million.