Hikma enters oncology market
Hikma Pharmaceuticals Plc
22 January 2007
Hikma expands into the oncology market
LONDON, 22 January 2007 - Hikma Pharmaceuticals PLC ('Hikma') (LSE: HIK) (DIFX:
HIK), the multinational pharmaceuticals group, announces that it has agreed to
acquire the entire issued share capital of Ribosepharm GmbH ('the Company' or
'Ribosepharm'), a German oncology sales and marketing company, from Ratiopharm
GmbH for a cash consideration of $45.0 million (€34.7 million). Completion of
the acquisition is expected to occur on 25 January 2007. The acquisition will be
made on a cash-free and debt-free basis and will be subject to certain working
capital and contract-based adjustments. The acquisition will be funded through
existing cash resources.
Ribosepharm is a well-established and successful oncology company, specialising
in the marketing and distribution of branded generic injectable oncology
products both to private practices and hospitals in Germany. The Company's
experienced sales force has significant market coverage of the principal
prescribers of oncology products in Germany and its product portfolio generates
favourable margins.
For the year ended 31 December 2005, Ribosepharm had net sales of $43.2 million
(€33.3 million) and profit before tax of $10.1 million (€7.8 million). At the
end of 2005, Ribosepharm had total assets of $55.7 million (€42.9 million) and
total liabilities of $55.7 million (€42.9 million). Based on management
accounts, sales attributable to the products remaining in the Company following
completion of the acquisition, being the core generic portfolio, are expected to
be approximately $24.4 million (€18.8 million) in 2006.
Samih Darwazah, Chairman & CEO of Hikma, commented: 'The acquisition of
Ribosepharm provides us with an excellent platform from which to enter the large
and fast-growing oncology market, which is forecast to become the second largest
within the pharmaceutical industry by 2010. Ribosepharm has a strong position in
Germany, one of the largest European oncology markets, and significant
distribution capabilities. We will be able to draw on its experience in the
field of oncology and use its expertise to expand into other oncology markets in
Europe, as well as into the United States and the MENA region. We look forward
to working with Dr. Kudielka, Ribosepharm's Managing Director, and his
experienced team.'
- ENDS -
Enquiries:
Hikma Pharmaceuticals PLC
Susan Ringdal +44 20 7399 2760
Investor Relations Director
Brunswick Group
Jon Coles / Justine McIlroy / Alex Tweed +44 20 7404 5959
About Hikma
Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused on
developing, manufacturing and marketing a broad range of both branded and
non-branded generic and in-licensed pharmaceutical products. Hikma's operations
are conducted through three businesses: Generic, Branded and Injectable
Pharmaceuticals. Hikma's operations are based principally in the United States,
the Middle East and North Africa ('MENA') region and Europe. In 2005, the Group
had revenue of $262 million and profit attributable to shareholders of $44
million. At 31 December 2005, the Group had over 1,800 employees. For news and
other information, please visit www.hikma.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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