London, 15 July 2014 – Hikma Pharmaceuticals PLC (“Hikma”) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), the fast growing multinational pharmaceutical group, today announces that it has completed its acquisition of assets of the US generic injectables business, Bedford Laboratories ("Bedford") from Ben Venue Laboratories, Inc., a member of the Boehringer Ingelheim Group of Companies. As previously announced, the total consideration of up to $300 million will be satisfied through an upfront cash payment of $225 million and contingent cash payments of up to $75 million, subject to the achievement of performance-related milestones over a period of five years.
Hikma is acquiring Bedford’s large product portfolio, intellectual property rights, contracts for products marketed under license, raw material inventories, a strong R&D and business development pipeline and a number of employees across key business functions. The combination of these assets with Hikma’s existing global Injectables platform will significantly strengthen Hikma’s position as a leading generic injectables company in the US.
In addition, Hikma has an exclusivity arrangement with the Boehringer Ingelheim Group to potentially acquire substantially all of the assets of the Ben Venue manufacturing facility in Bedford, Ohio. Due diligence is ongoing and any acquisition will be subject to customary approvals in the United States and the United Kingdom.
Said Darwazah, Chairman and Chief Executive Officer of Hikma commented:
"I am very excited to have completed this transaction, which will significantly increase the scale and scope of our US Injectables business. Adding a large portfolio of high value, niche and differentiated products will strengthen our market position and Bedford's deep pipeline and impressive R&D capabilities will support our future growth strategy. We believe that this transaction will deliver significant future value.”