Jordan's Hikma to buy APM for $164M

Hikma Pharmaceuticals, a Jordanian drugmaker listed in London, UK, says that its offer to acquire the Arab Pharmaceutical Manufacturing Co for a 116.0 million Jordanian dinar ($163.6 million) cash consideration has been accepted by the latter firm's shareholders. Hikma said that the purchase, which is expected to be accretive to 2008 earnings, would enhance its position in the Middle East and North Africa economic region, including key states such as Jordan and Saudi Arabia, in which APM's 2006 market shares were 5% and 1%, respectively.

For the year ended December 31, 2006, APM reported net sales of 29.1 million dinars, while operating income reached 5.7 million dinars. In addition, for the six months to June 30 this year, net sales amounted to 18.0 million dinars on operating earnings of 3.6 million dinars.

Expands portfolio and sales force