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October 17 2021 6:16 AM ˚

Hikma to acquire Custopharm for $375 million

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(Photo: Jordan News)
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AMMAN — Local medicines manufacturer, Hikma Pharmaceuticals PLC, said Monday that it has agreed to buy Custopharm Inc. for $375 million, and add a further $50 million upon achieving certain “commercial milestones”, according to the Jordan News Agency, Petra.اضافة اعلان

The London Stock Exchange-listed pharmaceutical group said that the US-based supplier of injectable medicines complements its product portfolio and pipeline, and enhances its R&D capabilities.

In a statement, the company said that the acquisition, to be funded from existing cash resources, also strengthens its platform for future growth, as Hikma expects Custopharm to generate revenue in excess of $80 million this year.

"With this acquisition, Hikma will have a differentiated US portfolio of close to 130 injectable medicines, a more than fivefold increase over the last decade,” the statement read.

“Through this broad portfolio and by combining Custopharm's strong R&D capabilities with our high-quality and extensive manufacturing footprint, we will be in an excellent position to better serve the growing needs of hospitals, doctors and patients," the statement added.

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