Hikma Agrees To Buy Egyptian Pharmaceuticals For $22.2 Mln

Hikma Pharmaceuticals Plc (HIK) agreed to buy Egyptian Company for Pharmaceuticals & Chemical Industries for about $22.2 million in cash to strengthen its position in the Egyptian market.

The acquisition of EPCI will add a portfolio of 35 products in 46 dosages and strengths, including three cephalosporin anti- infection brands for the Egyptian market, Hikma said today in a statement. The London-based drug maker expects to complete the purchase before Feb. 14.

“Since we entered the Egyptian market in 2007, we have been rapidly growing our presence,” Hikma Chief Executive Officer Said Darwazah said in the statement. “This acquisition will further accelerate that growth.”

Egypt’s drug market is one of the largest and fastest growing markets in the Middle East and North Africa, Hikma said, citing IMS Health. The private retail market is valued at about $2.3 billion and grew by 10.6 percent in the 12 months to June 2012, according to the statement.

HC Securities & Investment, based in Cairo, acted as adviser to Hikma on the deal.

Bloomberg