Navigation Links
Hikma Expands its Global Injectables Business Through the Acquisition of Baxter Healthcare Corporation's Multi-Source Injectables Business

Hikma Expands its Global Injectables Business Through the Acquisition of Baxter Healthcare Corporation's... -- LONDON, October 29, 2010 /PRNewswire-FirstCall/ --

Advanced Search Search

  1. Send a release
  2. Member sign in
  3. Become a member
  4. For journalists
  5. Global sites
PR Newswire: news distribution, targeting and monitoring
  1. Products & Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
Biotechnology, Health Care & Hospitals, Medical Pharmaceuticals, Acquisitions, Mergers and Takeovers Click to view news release full screen  

Hikma Expands its Global Injectables Business Through the Acquisition of Baxter Healthcare Corporation's Multi-Source Injectables Business


LONDON, October 29, 2010 /PRNewswire-FirstCall/ -- Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ DUBAI: HIK) ("Hikma"), the fast growing multinational pharmaceutical group, announces that it has signed an agreement to acquire Baxter Healthcare Corporation's US generic injectables business ("Multi-Source Injectables" or the "Business") for a cash consideration of $112 million.

The acquisition of Multi-Source Injectables: - Brings close to $180 million in annual revenue, significantly enhancing the scale and scope of Hikma's global Injectables platform - Adds a high-quality, complementary injectables portfolio including excellent critical care products and DEA controlled substances - Positions Hikma as the second largest injectables supplier in the US[1] with a combined market share of more than 15% - Brings well qualified and experienced operational and sales teams with excellent technical skills and customer relationships - Increases Hikma's high quality injectables manufacturing capacity and distribution capabilities

The Multi-Source Injectables business comprises a comprehensive and complementary portfolio of 41 products in over 150 dosage strengths and forms across 23 therapeutic areas. The Business' product portfolio also includes several DEA controlled substances that complement Hikma's growing oncology product range and a portfolio of ANDAs that may be reactivated for future sales opportunities.

As the second largest supplier of injectable products by volume in the US, the Multi-Source Injectables business has excellent relationships with the leading group purchasing organisations (GPOs). The Business' high calibre and experienced injectables sales force of more than 20 sales professionals is highly complementary to Hikma's existing injectables sales capabilities and will significantly increase the revenue potential of Hikma's existing and future products.

Hikma will review opportunities to introduce the Business' product portfolio in Europe and across the MENA region, leveraging its strong sales force and reputation in these markets.

The Multi-Source Injectables business includes a 372,000 sq. ft. high-quality manufacturing facility in Cherry Hill, New Jersey. The Cherry Hill facility is equipped with state-of-the-art technology for high speed, high volume filling and for the manufacturing of DEA controlled substances. The facility has an experienced and well-trained employee base, a strong quality track record, and a history of securing FDA approvals. The Business also includes Baxter's 100,000 sq. ft. warehouse and distribution centre in Memphis (Southpoint), Tennessee that has been specifically designed to handle pharmaceutical products and DEA controlled substances. Hikma expects to realise substantial benefits from integrating these facilities into its global manufacturing and distribution platform, which is focused around centres of excellence.

The Multi-Source Injectables business generated revenue of $169.7 million and adjusted EBITDA[2] of $14.5 million in 2009. The Business is on track to deliver revenue of close to $180 million and improved adjusted EBITDA in 2010. Further improvement in profitability is expected going forward, through planned operating efficiencies and certain new product launches. The transaction is expected to be earnings accretive in the first full year excluding one-time transaction-related items.

The book value of the gross assets subject to the transaction, prior to the performance of the fair value exercise and excluding acquired intangible assets, was $177.1 million as of December 31, 2009. The acquisition will be funded by a combination of existing cash resources and new committed debt facilities. The Business will be integrated into West-Ward Pharmaceuticals, Hikma's existing US operations in Eatontown, NJ.

Said Darwazah, CEO of Hikma, commented: "The acquisition of Baxter's Multi-Source Injectables business is transformational. The acquisition doubles the size of our global Injectables business and doubles our sales in the US market, while further diversifying our global revenue base. Importantly, we still retain sufficient financial flexibility to acquire additional assets across our core businesses and geographies."

Michael Raya, CEO of West-Ward Pharmaceuticals, said: "The combination of our business with the Multi-Source Injectables operations is a major step forward for Hikma in the US and globally. The Business has an impeccable reputation for quality and customer service and excellent long-term customer relationships that we will build upon. We look forward to welcoming this new group of talented employees into the Hikma organisation."

A conference call for analysts and investors will be held today at 09:30 GMT on +44-20-7906-8509. A live webcast of the conference call will be available at In addition, we will be holding a conference call for US investors at 1.30pm GMT on +1-866-966-9439 (US only) or +44-1452-555-566 (rest of world), conference ID: 21951492. A recording of both calls will be available on the Hikma website.

Centerview Partners acted as financial advisor to Hikma.

About West-Ward Pharmaceuticals

West-Ward Pharmaceuticals, the US agent for and wholly-owned subsidiary of Hikma Pharmaceuticals PLC, is one of the top 15 generic prescription medication providers in the US, providing quality pharmaceuticals to a growing number of chain stores, wholesalers, distributors, health systems and government agencies. Based in Eatontown, New Jersey, West-Ward has over 50 years' manufacturing experience and an exemplary FDA track record, and is fast becoming the generic pharmaceutical company of choice. For more information, please visit

About Hikma

Hikma Pharmaceuticals PLC is a fast growing multinational group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed products. Hikma's operations are conducted through three businesses: "Branded", "Injectables" and "Generics" based principally in the Middle East and North Africa ("MENA") region, where it is a market leader, the United States and Europe. In 2009, Hikma achieved revenues of $637 million and profit attributable to shareholders of $78 million. For news and other information, please visit

Forward looking statements

Certain statements in this announcement are forward-looking statements - using words such as "intends", "believes", anticipates" and "expects". Where included, these have been made by the Directors in good faith based on the information available to them up to the time of their approval of this announcement. By their nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements, and should be treated with caution. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events described in this announcement. Forward-looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak as only of the date of the approval of this announcement.

Except as required by law, the Company is under no obligation to update or keep current the forward-looking statements contained in this announcement or to correct any inaccuracies which may become apparent in such forward-looking statements.


[1] Baxter's Multi-Source business was ranked #2 in sales by volume for the 12 months ending June 2010, according to IMS Health.

[2] Adjusted EBITDA excludes one off charges. Enquiries Hikma Pharmaceuticals PLC +44(0)20-7399-2760 Susan Ringdal, Investor Relations Director Financial Dynamics +44(0)20-7831-3113 Ben Atwell/Julia Phillips/Jonathan Birt/Matthew Cole

SOURCE Hikma Pharmaceuticals
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. HIKMA - 2008 Preliminary Results Interview With CEO
2. Hikma - Half Year Results Interviews With CEO and CFO
3. Hikma Expands its Global Injectables Business - Live Webcast
4. MicuRx Pharmaceuticals Selects Next-Generation Antibiotic Candidate Targeting MRSA and Expands Operation in China
5. Hoya Vision Care Expands in Czech Republic
6. Oridion Expands its OEM Partnerships - New Agreement with Spacelabs Healthcare
7. InVitria Expands Sales Team
8. Enerkem Expands Executive Management Team
9. PSKW Expands Its Lawsuit Against McKesson to Seek Assignment of McKessons Patent Application
10. Supelco(R) Expands Ascentis(R) Express HPLC Columns Line for High-Speed and High-Efficiency Separations
11. BioElectronics Corp Aggressively Expands Sales into Middle East
Post Your Comments:
(Date:10/13/2015)... October 13, 2015 ARRY ), ... (NASDAQ: JUNO ), and Progenix Pharmaceuticals, Inc. (NASDAQ: ... Life Sciences Corp. (OTCQX: AVXLD), Juno Therapeutics, Inc. (NASDAQ: ... PGNX ) --> Cooperative research and development ... can potentially lead to advancements in the treatment of ...
(Date:10/13/2015)... JACKSONVILLE, Florida , October 13, 2015 ... company specializing in the development of innovative peptide and ... & metastatic disease, will be a featured presenting company ... at the Wyndham Grand Hotel in ... --> TapImmune, Inc. (TPIV), a clinical-stage immunotherapy ...
(Date:10/13/2015)... ... October 13, 2015 , ... Clinovo recently appointed Jeff Parr and Ed Donaldson ... clinical data solutions business. , Jeff Parr has spent the past decade providing quality ... Dennison, Thermo Fisher, and Ab Sciex to name a few. He is based ...
(Date:10/13/2015)... the United States , Canada ... 14% of all new cases of kidney cancer.   --> ... and Europe .  PRCC represents about 14% ... Hutchison China MediTech Limited ("Chi-Med") (AIM: HCM) today announces that Hutchison ... ("AstraZeneca") have completed enrolment in a global Phase II study of ...
Breaking Biology Technology:
(Date:10/7/2015)... -- --> --> According ... third quarter 2015 amounted to around 960 MSEK. This exceeds ... was communicated 20 August 2015. --> ... a continued growing demand for the company,s products, the revenues ... than during the third quarter. The revenue guidance for 2015 ...
(Date:10/6/2015)... 2015  Maverix Biomics, Inc., a leading genomic ... software portfolio with the debut of its RNA-Seq ... in eukaryotes. The software is integrated into the ... analysis solution that leverages proven open-source algorithms and ... efforts. Garry Nolan,s laboratory at ...
(Date:10/1/2015)... , Oct. 1, 2015  Biometrics includes diverse ... human body characteristics, such as fingerprints, eye retinas, ... Adoption of biometrics technology has been constantly increasing ... last five years. In addition to the most ... fingerprint recognition, other means of biometric authentication are ...
Breaking Biology News(10 mins):