Hikma to take over Boehringer's Ben Venue manufacturing site

Jordan-based drugmaker Hikma Pharmaceuticals (LSE: HIK) says it has agreed with Ben Venue Laboratories, part of German family-owned drug major Boehringer Ingelheim, to acquire substantially all of the assets of its generic injectables manufacturing site in Bedford, Ohio, USA.

The acquisition is pursuant to the exclusivity arrangement entered into in May 2014.  No incremental consideration is payable in relation to Hikma acquiring the Ben Venue manufacturing site.

The Ben Venue manufacturing site includes four manufacturing plants and a Quality and Development Center (QDC) with excellent capabilities. The QDC, which includes a R&D pilot plant and a team of experienced employees, will significantly strengthen Hikma's existing R&D capabilities, support the development of a strong future pipeline and expedite the transfer and reactivation of recently acquired Abbreviated New Drug Applications (ANDAs).