Hikma expands into Canada with acquisition of Teligent sterile injectable assets

Rhea-AI Summary

Hikma Pharmaceuticals announced the acquisition of Teligent Inc.'s Canadian assets for $45.75 million, expected to close by Q1 2022. This deal includes a portfolio of 25 sterile injectable products and 3 ophthalmic products, with 7 additional products in the pipeline, enhancing Hikma's entry into the Canadian market. Riad Mishlawi highlighted the strategic importance of this expansion, leveraging their marketing expertise to strengthen their North American presence. Teligent is currently under Chapter 11 Bankruptcy protection, necessitating this asset sale.

Positive

• Acquisition strengthens Hikma's portfolio with 25 sterile injectable products.
• Entry into the Canadian market expands Hikma's geographical footprint.
• Potential revenue growth from the ophthalmic product line and pipeline products.

Negative

• Teligent's assets acquisition follows its Chapter 11 bankruptcy filing, indicating financial instability.
• -

LONDON, Jan. 17, 2022 /PRNewswire/ -- Hikma Pharmaceuticals PLC (Hikma), the multinational pharmaceutical company, today announces that it has agreed to acquire the Canadian assets of Teligent Inc. (Teligent) for $45.75 million. The transaction is expected to be completed before the end of the first quarter of 2022.

The acquisition marks Hikma's expansion into Canada and includes a portfolio of 25 sterile injectable products, three in-licenced ophthalmic products and a pipeline of seven additional products, four of which are approved by Health Canada.

Riad Mishlawi, President of Hikma Injectables, commented, "This acquisition further expands our portfolio of essential sterile injectable medicines and gives Hikma an entry into the highly attractive Canadian injectables market. The combination of our sales and marketing expertise and this portfolio of exciting products will enable us to expand our North American business and develop a solid position in this important market."

In October 2021, Teligent filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code.  As part of this process, Teligent initiated a sale of its core assets, following which Hikma has agreed to acquire Teligent's Canadian assets. 

Enquiries:
Hikma (Investors):
Susan Ringdal EVP, Strategic Planning and Global Affairs	+44 (0)20 7399 2760/ +44 (0)7776 477050
Guy Featherstone Senior Investor Relations Manager	+44 (0)20 3892 4389/ +44 (0)7795 896738
Layan Kalisse Investor Relations Analyst	+44 (0)20 7399 2788/ +44 (0)7970 709912
Teneo (Press):
Charles Armitstead	+44 (0)7703 330 269
US Media
Steven Weiss/David Belian	+1 732 788 8279/ +1 848 254 4875

About Hikma
(LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (rated BBB-/stable S&P and BBB-/stable Fitch) Hikma helps put better health within reach every day for millions of people around the world. For more than 40 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,600 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com

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SOURCE Hikma Pharmaceuticals USA Inc.

FAQ

What is the purpose of Hikma's acquisition of Teligent's assets?

The acquisition aims to expand Hikma's portfolio of sterile injectable medicines and enter the Canadian market.

How much did Hikma pay for Teligent's Canadian assets?

Hikma agreed to acquire the Canadian assets of Teligent for $45.75 million.

What type of products are included in Hikma's acquisition?

The deal includes 25 sterile injectable products and 3 in-licensed ophthalmic products.

What is the expected impact of this acquisition on Hikma?

The acquisition is expected to enhance Hikma's position in the North American market and facilitate potential revenue growth.

When is the acquisition of Teligent's assets expected to close?

The transaction is expected to be completed before the end of the first quarter of 2022.