Ribosepharm bought by Hikma for $45M cash

London-listed Jordanian drugmaker Hikma Pharmaceuticals has agreed to acquire the entire issued share capital of Ribosepharm GmbH, a German oncology sales and marketing company, from Ratiopharm GmbH for $45.0 million in cash. The deal, which is expected to close on January 25, will be made on a cash-free and debt-free basis, subject to certain working capital and contract-based adjustments, and will be funded through existing cash resources.

According to Hikma, Ribosepharm is a well-established and successful oncology company, specializing in the marketing and distribution of branded generic injectable oncology products both to private practices and hospitals throughout Germany. The company's sales force has significant market coverage of the main prescribers of oncology agents in Germany and its products generate favorable margins, Hikma added. In 2005, Ribosepharm had net sales of $43.2 million and profit before tax of $10.1 million. At the end of 2005, Ribosepharm had total assets of $55.7 million and total liabilities of $55.7 million. The firm's core generic portfolio earned $24.4 million in 2006.