Hikma takes strategic stake in Indian firm

15th Apr 2011 08:02

Jordan-based Hikma Pharmaceuticals has entered into a strategic partnership with the Indian pharmaceutical company Unimark Remedies.Hikma is paying $33.3m to take a minority stake in privately held Unimark, one of India's leading manufacturers of active pharmaceutical ingredients (API) and API intermediates.The two companies will collaborate on the development of strategic APIs and abbreviated new drug applications."Unimark's strong technical and R&D [research & development] capabilities will complement Hikma's in-house R&D efforts and are expected to enable Hikma to bring more products in more therapeutic categories to market globally," said Said Darwazah, chief executive officer of Hikma. 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. ---jh