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Hikma Enters the Moroccan Market Through the Acquisition of 63.9% of Promopharm and Will Launch a Mandatory Tender Offer for the Remaining 36.1%
Date:10/3/2011

LONDON, October 3, 2011 /PRNewswire/ --

Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) ("Hikma"), the fast growing multinational pharmaceutical group, today announces that it has acquired 63.9% of Société de Promotion Pharmaceutique du Maghreb S.A. (Casablanca: PRO) ("Promopharm" or the "Company") from a consortium of shareholders, comprising existing management, institutions and related parties, for an aggregate cash consideration of $111.2  million (MAD 912.8 million) and will launch a mandatory tender offer for the remaining 36.1% of the Company.  

Transaction highlights

  • Acquisition of Promopharm, the ninth[1] largest manufacturer of pharmaceuticals in Morocco with a 3.5% market share
  • Delivers a substantial local manufacturing presence in Morocco, the fourth largest pharmaceutical  market in MENA, and completes Hikma's footprint in the region
  • Brings more than $45 million in annual revenue and offers significant growth potential within Morocco from its portfolio of high quality branded generics and in-licensed products
  • Provides an excellent distribution platform for launching Hikma's leading strategic products in the Moroccan market
  • Creates opportunities to export Promopharm's product portfolio to Hikma's existing markets, leveraging Hikma's extensive sales and marketing operations across MENA, and  to develop Hikma's presence in West African markets
  • Expected to be earnings accretive in the first full year

Strategic rationale

Promopharm is the ninth largest manufacturer of pharmaceutical products in Morocco, with around 3.5%[2] market share.  Promopharm specialises in the production, marketing and sales of prescription pharmaceuticals, para-pharmaceuticals, dermo-pharmaceuticals and cosmetics.  The Company has a long history in Morocco and a well-established reput
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SOURCE Hikma Pharmaceuticals PLC
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