Hikma acquires minority stake in Chinese pharma company

11th Jul 2011 10:42

Generic drugs maker Hikma Pharmaceuticals has acquired a minority stake in China's Hubei Haosun Pharmaceutical through the subscription of new equity for $5m in cash.This deal will give Hikma access to the Chinese company's Wuhan province facility, which is certified by the U.S. Food and Drug Administration and the European Union. The facility manufactures active pharmaceutical ingredients, the main component of any drug or medication, which is used in drugs aimed at treating cancer. Hikma said Haosun's Wuhan facility and its current product portfolio and development pipeline, which covers a range of therapeutic areas, fits well with Hikma's requirements.Shares of Jordan-based Hikma were marginally lower at 783.5p in morning trading in London. AR