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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

g in-license arrangements to other MENA markets where Hikma has a presence.  Hikma will also assess the opportunity to use Promopharm as a hub for expansion into West Africa.

Promopharm has a good quality medium-sized production facility with strong capabilities in general formulation, including tablets, capsules, liquids, creams, ointments and injectables.  It has a dedicated anti-infectives facility for oral penicillin.  Promopharm also brings new manufacturing capabilities to Hikma, including eye-drops and effervescents.  The facility offers the potential to increase current utilisation and capacity levels with limited incremental capital expenditure and future growth in the combined business is expected to enable cost and efficiency savings.

Promopharm's CEO and Chairman will remain in their current positions following the transaction.  They bring with them considerable experience in the Moroccan market and the Chairman, as the former head of the Pharmaceutical Association of North Africa, also brings additional expertise.   Their continued involvement will facilitate integration and they will be joined by an experienced Hikma team to support them in the key functions of operations, finance, and sales and marketing.  

Promopharm generated revenue of $44.7 million (MAD 376 million) and EBITDA of $13.2 million (MAD 111 million) in 2010[5].  The business has been performing well in 2011 and is expected to deliver double-digit revenue and EBITDA growth for the full year.  Hikma will consolidate Promopharm for the three months ending December 2011 and expects to incur transaction costs of approximately $6 million this year.  The acquisition is expected to be earnings accretive in 2012.  

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 $70.3 million (MAD 550 millio
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SOURCE Hikma Pharmaceuticals PLC
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