- Publication date: 2021-09-27 – 01:57 pm
Juhayna News –
Hikma Pharmaceuticals plc, a subsidiary of the Hikma Group of Companies, today acquired Costopharm from Water Street.
The Hikma multinational pharmaceutical group is one of the largest suppliers of injectable generic drugs in the United States of America.
The company said in a press release today, that it will pay an initial cash price of 375 million dollars based on the receipt of ownership of “Costofarm” free of debt and cash, in addition to an additional amount of up to 50 million dollars to be paid only if certain commercial conditions are met.
Costopharm is a company specialized in sterile injectable generic medicines, based in the United States, and includes a distinct portfolio of products under marketing and others under research and development, and is currently marketing its products in America, and has obtained thirteen approvals from the US Food and Drug Administration since 2017, including four Approvals for first-time generic drug approvals, including one product designated as a competing generic treatment and one unique registered as a new drug user. The acquisition agreement, according to the statement, is complementary to the portfolio of “Al-Hikma” currently marketed drugs and those in the research and development stage by adding thirteen marketed products and a number of products under development, and enhancing the research and development capabilities of “Al-Hikma”, by adding a scientific team with expertise in Research and Development and has the capabilities to develop premium and marketable injection products, as well as a state-of-the-art R&D laboratory in California, USA.
It aims to maintain the continuity of “Wisdom” in providing robust recordable medicines. –(Petra)