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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

n)[6] as of 30 June 2011.  Promopharm had a net cash position of $16.4 million (MAD 129 million)[6] at 30 June 2011.  The acquisition will be funded by new committed debt facilities in the form of a 7-year syndicated loan.  Following the transaction, Hikma's leverage ratios remain comfortable and it expects to be able to de-lever quickly.

Hikma's acquisition of 63.9% of Promopharm has been approved by the Moroccan Ethical Council of Securities (Conseil Déontologique des Valeurs Mobilières ("CDVM")).  Hikma will launch a mandatory tender offer for the remaining 36.1% of the Company, which is listed on the Casablanca Stock Exchange.  Hikma will file a prospectus with the CDVM and following approval of this document, the mandatory tender offer will be launched.  Hikma expects to complete the tender offer by the end of the year.

Commenting on the transaction, Said Darwazah, CEO of Hikma said, "Entering the Moroccan market has been a strategic priority for Hikma for some time and we are delighted to have acquired a company that offers such an excellent fit with our long term growth objectives.  Establishing ourselves as a local manufacturer in Morocco completes our MENA footprint and strengthens our leading position in the region.  Promopharm's impressive product portfolio and its high quality manufacturing capabilities bring exciting growth opportunities for our combined business, both in Morocco and across our other markets in MENA.  The acquisition offers excellent potential to drive value creation.  Promopharm has a strong management team and experienced operational and sales teams and we look forward to working with them.  We will continue to pursue further value enhancing opportunities across our operations."

A conference call for analysts and investors will be held on Tuesday 4 October 2011 at 09:00 BST on London Local: +44(0)208-817-93
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SOURCE Hikma Pharmaceuticals PLC
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