(Alliance News) – Hikma Pharmaceuticals PLC on Monday strengthened its US injectable business by purchasing the assets of Danish company Xellia Pharmaceuticals ApS.
Copenhagen-based Xellia Pharmaceuticals specializes in anti-infective treatments and other critical care therapies.
Hikma, the London-based pharmaceutical company, said it has agreed to purchase a portion of Xellia’s finished dosage forms business and assets in the United States, including a commercial portfolio and pipeline of differentiated products, a manufacturing facility in Cleveland, Ohio, sales and marketing capabilities, and a research and development center in Croatia.
Hikma will pay USD 135 million in cash, plus an additional amount of up to USD 50 million subject to the achievement of agreed regulatory and commercial milestones.
Hikma said the transaction supports the long-term growth of its injectables business and diversifies its portfolio and pipeline in the United States, adding a range of ready-to-use products.
The acquisition will add eight approved and marketed injectable products to Hikma’s U.S. portfolio, as well as 11 products under development, the company said.
The transaction will be neutral to core results in the first 12 months and accretive thereafter, with significant longer-term benefits.
Once the transaction is finalized, Xellia products currently on the market will contribute approximately $75 million in revenue on an annual basis.
Chief Executive Officer Riad Mishlawi said: “This acquisition will add significant dimension to our US operations and strengthen our injectable production capabilities and portfolio in the US through the addition of complex technologies. I am confident that this transaction will bring significant future value to our Injectables business, supporting growth in the medium term.”
Hikma said the financial forecast for 2024 remained unchanged.
Hikma shares rose 0.3% to 1,964.00 pence in London early Monday.
By Jeremy Cutler, Alliance News reporter
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