Hikma Pharmaceuticals PLC, a multinational pharma group, will acquire a minority interest in the Indian pharmaceutical company Unimark Remedies Ltd, through the subscription of new equity for a cash consideration of $33.3 million.
Unimark, a privately held company, manufactures active pharmaceutical ingredients (API) and API intermediates, as well as products such as betalactams, cephalosporins and carbapenems. It also covers a number of therapeutic segments including cardiovascular, anti?asthma and anti?infectives. Two of the company’s API facilities are approved by the US Food and Drug Administration (FDA) while it has two research and development (R&D) centres located in India.
“Through this strategic partnership, Hikma and Unimark will collaborate on the development of strategic APIs and ANDAs (abbreviated new drug application),” said Said Darwazah, CEO of Hikma while commenting on the transaction.
According to Yogesh N Parikh, executive director of Unimark, the pharmaceutical industry in India is worth $9 billion approximately and the company is worth $150 million. “We plan to enhance R&D, plant capacities, product profile, staffing and market reach worldwide. This is a continuous endeavour to address those challenges faced by a leading pharma player,” said Parikh.
Hikma Pharma is a multinational pharmaceutical group focused on developing, manufacturing and marketing both branded and non?branded generic and in?licensed products. Hikma’s operations are conducted through three businesses – Branded, Injectables and Generics – based principally in the Middle East and North Africa (MENA) region, the USA and Europe. In 2010, Hikma achieved revenues of $731 million and profit attributable to shareholders of $99 million.
The transaction is subject to certain conditions precedent and is expected to close in mid?May. It will be funded by a combination of cash and existing debt financing, says Unimark.
KPMG India acted as Unimark’s sole financial adviser on the transaction while Yes Bank acted for Hikma.
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