The Pharma Letter
Fast-growing Jordan headquartered Hikma Pharmaceuticals (LSE: HIK) says that it has increased its stake in Morocco-based Promopharm (Societe de Promotion Pharmaceutique du Maghreb) to 94.1%, adding to the 63.6% stake acquired last year (The Pharma Letter October 15, 2011).
Hikma acquired the additional 302,196 shares (representing 30.2% of Promopharm) for an aggregate consideration of $41.6 million. These shares were purchased in the open market and through a mandatory tender offer, which closed on January 6, 2012. The remaining 5.9% of Promopharm’s issued share capital has been retained by existing shareholders and Promopharm will remain listed on the Casablanca Stock Exchange.
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The acquisition of Promopharm, the ninth largest manufacturer of pharmaceuticals in Morocco with a 3.5% market share, will deliver a substantial local manufacturing presence in Morocco, the fourth largest pharmaceutical market in MENA, and completes Hikma’s footprint in the region, Hikma said when it acquired the near 64% holding in the company for $11.2 million. Moreover, it brings more than $45 million in annual revenue and EBITDA of $13.2 million.
Hikma receives approval of its NDA for argatroban
Adding to positive news for Hikma this month, the company gained approval of its New Drug Application for argatroban injection, 100mg/mL vial by the US Food and Drug Administration.
Hikma’s argatroban is indicated for the prophylaxis or treatment of thrombosis in adult patients with heparin-induced thrombocytopenia (HIT) and as an anticoagulant in adult patients with or at risk of HIT undergoing percutaneous coronary intervention (PCI). According to IMS Health, sales of argatroban injection were around $130 million for the 12 months ending November 2011.
Said Darwazah, chief executive of Hikma, commented: “Argatroban will expand and strengthen our injectables product line and will help to differentiate our product portfolio in the USA.”
