Hikma makes $163.6M bid for Jordanian firm
Jordan-headquartered drugmaker Hikma has made a conditional cash offer of $163.6 million for fellow Jordanian group Arab Pharmaceutical Manufacturing. The price of 5.8 dinars ($8.19) per share was a premium of 29% to APM's closing price at the end of trading on the Amman Stock Exchange on October 4. The deal is conditional on approval from APM's shareholders and successful completion of due diligence.
Hikma, which is listed on both the London and Dubai International stock exchanges, focuses on providing generic drugs in the Middle East and Africa, and this deal is expected to boost its presence in the more expensive end of the copy drugs market.
Third acquisition this year
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