Hikma completes Bedford Laboratories purchase
pharmafile | July 16, 2014 | News story | Manufacturing and Production | Ben Venue, Boehringer, Hikma, bedford laboratories
Hikma has completed its acquisition of assets of the US generic injectables business Bedford Laboratories from Ben Venue Laboratories, a part of Boehringer Ingelheim.
The $300 million price tag will be paid via an upfront cash payment of $225 million followed by contingent amounts of up to $75 million, subject to the achievement of performance-related milestones over a period of five years.
Hikma is acquiring Bedford’s product portfolio, intellectual property rights, contracts for products marketed under license, raw material inventories, an R&D and business development pipeline, and a number of employees across the business.
The combination of these assets with Hikma’s existing global injectables platform it says will ‘significantly strengthen’ the firm’s position as a leading generic injectables company in the US.
In addition, Hikma has an exclusivity arrangement with the Boehringer to potentially acquire all of the assets of the Ben Venue manufacturing facility in Bedford, Ohio.
Due diligence is ongoing and any acquisition will be subject to customary approvals in both the US and the UK, the company notes.
Said Darwazah, chairman and chief executive of Hikma, says: “I am very excited to have completed this transaction, which will significantly increase the scale and scope of our US Injectables business.
Adding a large portfolio of high value, niche and differentiated products will strengthen our market position and Bedford’s deep pipeline and impressive R&D capabilities will support our future growth strategy. We believe that this transaction will deliver significant future value.”
Ben Adams
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