Hikma to buy Egyptian pharma company for around $20 million

Fast-growing Jordan-headquartered drugmaker Hikma Pharmaceuticals (LSE: HIK) says it has agreed to acquire the Egyptian Company for Pharmaceuticals & Chemical Industries (EPCI) from a consortium of shareholders. Hikma will pay an aggregate cash consideration of 142.4 million Egyptian pounds (around $22.2 million) on closing, which is expected before February 14, 2013.

According to Hikma, the acquisition of EPCI:

• strengthens the firm’s position in the large and fast growing Egyptian market;
•  adds a complementary portfolio of 35 products in 46 dosage forms and strengths, including three original cephalosporin anti-infective brands for the Egyptian market;
• enhances Hikma’s portfolio in key therapeutic areas such as cephalosporin anti–infectives, central nervous system and alimentary tract and provides entry into the ophthalmology market;
• adds a dedicated cephalosporin facility and an additional general formulation manufacturing plant in Egypt; and
• leverages Hikma’s established market position in Egypt and strong sales and marketing team.