LONDON May 28 Hikma Pharmaceuticals
said on Wednesday it had agreed to acquire assets from the U.S.
generic injectable drugs business of Germany's Boehringer
Ingelheim for up to $300 million, boosting its presence in the
injected medicine market.
London-listed Hikma will pay $225 million upfront for the
assets of Boehringer's Bedford Laboratories and a further $75
million subject to the achievement of performance-related
milestones over a period of five years.
In addition, Hikma has entered into an exclusivity
arrangement with Boehringer to potentially acquire substantially
all of the assets of the Ben Venue manufacturing facility in
The German company tapped Bank of America Merrill Lynch last
December to explore a possible sale of its generic sterile
injectable drugs business, following a series of manufacturing
Ben Venue announced in October that it was ceasing
production due to quality control issues and said it was
"exploring strategic options" for its Bedford Laboratories
Hikma said its move would help to address critical drug
supply shortages in the U.S. market through the planned
re-introduction of products.
(Reporting by Ben Hirschler; editing by Sarah Young)