Hikma sets up JV for entering Ethiopian pharma market
Jordon-headquartered drugmaker Hikma Pharmaceuticals (LSE: HIK) says that it has signed a 50:50 joint venture agreement with MIDROC Pharmaceuticals, a member of Sheikh Mohammed Hussein Al Amoudi’s MIDROC Group, to establish a presence in the Ethiopian pharmaceutical market. The JV will be called HikmaCure.
Commenting on the transaction, Said Darwazah, chief executive of Hikma said: “I am extremely pleased to be partnering with MIDROC to bring high quality, affordable medicines to the Ethiopian market. Expanding our presence into sub-Saharan Africa is a key strategic priority for Hikma and this is an excellent first step. We believe Ethiopia offers strong growth potential in the medium to long term and our investment at this stage will enable us to be well positioned in the market. We will continue to explore opportunities to build our presence in the sub-Saharan region.”
Ethiopian pharma market forecast to reach $1 billion value in 2018
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