Hikma expands in the Tunisian market

30th Mar 2010 09:38

Pharmaceutical firm Hikma has agreed to increase its interest in Industries Pharmaceutiques Ibn Al Baytar, a Tunisian pharmaceutical manufacturing and marketing company, to 66%.Hikma will pay a consideration of $5million for the additional interest which will be satisfied from existing cash resources. Ibn Al Baytar and its 100% owned subsidiary Medicef together operate two manufacturing plants in Tunisia - one for general formulation and one for anti-infectives. In 2009, the combined companies had revenues of $16.6 million. The Tunisian pharmaceutical market grew by 15.6% in 2009 to reach $655 million in value terms. With a population of just over 12 million people, the Tunisian market offers excellent growth opportunities."The opportunity to increase our stake and take control is highly attractive to us given the excellent growth prospects for the Tunisian market. This acquisition will enable us to accelerate our penetration of the Tunisian market and provides a great platform for exporting to neighbouring and French speaking African countries," said chief executive Said Darwazah."At the same time, we continue to pursue actively a number of other value-creating acquisition opportunities using our unique market insight and industry contacts."