Hikma Pharmaceuticals has entered into an agreement to take over Baxter Healthcare's US generic injectables business (Multi-Source Injectables) for $112m.
The Multi-Source Injectables business comprises a portfolio of 41 products in over 150 dosage strengths and forms across 23 therapeutic areas.
The business’ product portfolio also includes several DEA controlled substances that complement Hikma’s oncology product range and a portfolio of ANDAs that may be reactivated for future sales opportunities.
The acquisition will be funded by a combination of existing cash resources and new committed debt facilities.
The business will be integrated into West-Ward Pharmaceuticals, Hikma’s existing US operations in Eatontown, NJ.
Hikma Pharma will review opportunities to introduce the Multi-Source Injectables’ product portfolio in Europe and across the MENA region, leveraging its sales force in these markets.
Hikma Pharma CEO Said Darwazah said that the acquisition doubles the size of their global Injectables business and doubles sales in the US market, while further diversifying global revenue base.