Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Hikma Pharmaceuticals, a growing multinational pharmaceutical group, has reported that its wholly-owned subsidiary Arab Pharmaceutical Manufacturing (APM) has signed an agreement to acquire 50% stake in Algerian company Al Dar Al Arabia Pharmaceutical Manufacturing (Al Dar Al Arabia) from Jordanian pharmaceutical company Dar Al Dawa for a consideration of $18.5m.
Subscribe to our email newsletter
Al Dar Al Arabia was established in 2005 as a joint venture between APM, a wholly-owned subsidiary of Hikma and Dar Al Dawa.
Al Dar Al Arabia owns a 6,000 m2 manufacturing facility that has recently been constructed across approximately 21,000 m2 of land in an industrial zone in Algiers.
Once operational, the Al Dar Al Arabia plant will double Hikma’s manufacturing capacity in Algeria and will provide significant scope for further expansion.
Hikma Pharmaceuticals said that the transaction is conditional upon the satisfaction of various legal requirements and official procedures and is expected to close at the end of June 2010. The acquisition will be funded by existing cash resources.