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Hikma buys majority in Promopharm

Hikma Pharmaceuticals has acquired 63.9 per cent of Morocco-based company, Promopharm, for $111.2m with further plans for a full acquisition

Hikma Pharmaceuticals has acquired 63.9 per cent of Morocco-based company, Promopharm, for $111.2m.

Hikma, which is among the market leaders in the Middle East and North Africa, also said it intends to launch a mandatory tender offer for the remaining 36.1 per cent of Promopharm.

The company said it expects the deal to bring in more than $45m in annual revenue, with potential for growth in Morocco – the fourth largest pharmaceutical market in the Middle East and North Africa with annual retail value of $1.7bn.

Promopharm is the ninth largest manufacturer of pharmaceutical products in Morocco, with around 3.5 per cent of market share.

Promopharm's product portfolio, including therapies in the areas of musculoskeletal, respiratory, antiinfectives, central nervous system, cardiovascular and dermatology, will also be distributed in Hikma's existing markets.

4th October 2011

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