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FINANCIAL NEWS
Jordan’s Hikma Pharmaceuticals allocates up to USD600m for acquisitions
27 May 2013
(MENAFN) Hikma Pharmaceuticals CEO, Mazen Darwazah, announced that the company is allocating between USD400 million and USD600 million to finance acquisitions, reported Arabian Business citing Bloomberg.
The CEO said that Hikma is planning to make acquisitions in Turkey, the Middle East, Africa and the former Soviet Union countries, adding that in 2013, the London-based firm projects to close one small or medium-size deal.
Furthermore, the company, established in Amman in 1978, will spend USD100 million to make acquisitions and launch new business in sub-Saharan Africa.
It is worth noting that Hikma, which has production facilities in several countries including Jordan, Saudi Arabia, Algeria, Egypt and Morocco, agreed to pay USD22.2 million to buy Egyptian Company for Pharmaceuticals & Chemical Industries.
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