Hikma Pharmaceuticals PLC said on Monday that it has agreed to buy Custopharm Inc. for $375 million with a further $50 million upon achieving certain commercial milestones.
The London-listed pharmaceutical group said that the U.S.-based supplier of injectable medicines complements its product portfolio and pipeline, and enhances its R&D capabilities.
In a statement, the company said that the acquisition, to be funded from existing cash resources, also strengthens its platform for future growth, as Hikma expects Custopharm to generate revenue for 2021 in excess of $80 million, and for the acquisition to be accretive to its injectable operating margin.
“With this acquisition, Hikma will have a differentiated U.S. portfolio of close to 130 injectable medicines, a more than fivefold increase over the last decade. Through this broad portfolio and by combining Custopharm’s strong R&D capabilities with our high-quality and extensive manufacturing footprint, we will be in an excellent position to better serve the growing needs of hospitals, doctors and patients,” the statement added.
Source: Jordan News Agency