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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

ation as one of the leading local manufacturers.  

In 2010, the Moroccan market for pharmaceutical products reached $1.7 billion in retail value terms and is expected to grow at a CAGR of around 9% between 2010 and 2014.[3]  With a population of 32 million[4] people, the Moroccan market offers excellent growth opportunities.  The Moroccan government is committed to expanding healthcare coverage and is also increasingly focused on supporting local manufacturing and promoting higher usage of generic pharmaceuticals in Morocco.

Promopharm's high quality product portfolio offers significant potential to grow sales in the Moroccan market.  Promopharm has a portfolio of around 200 branded generic and in-licensed products in multiple dosage strengths and forms, across a broad range of therapeutic areas, including alimentary tract and metabolism, musculoskeletal, respiratory, hormones, anti-infectives, central nervous system ("CNS"), cardiovascular and dermatology.  

There are substantial opportunities for Hikma to supplement Promopharm's product portfolio in key therapeutic areas and Hikma has already identified over 20 strategic anti-infective, CNS, cardiovascular and diabetes products for distribution in the Moroccan market.  Over the longer term, Hikma also sees the potential to bring its innovative injectable and oncology products to Morocco.  Hikma will utilise Promopharm's strong commercial and distribution platform, leveraging its excellent relationships with pharmacies, wholesalers, distributors and licensors.  Promopharm's high calibre workforce of over 300 employees, including a sales and marketing team of around 135, will be extremely complementary to Hikma's existing operations across MENA.

The acquisition brings excellent opportunities to export Promopharm's key branded generics into other MENA markets.  Hikma will explore the potential to expand Promopharm's existin
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SOURCE Hikma Pharmaceuticals PLC
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