Tuesday, 23 January 2018 12:13 GMT

Dubai's Hikma signs agreement with Boehringer on Bedford acquisition

(MENAFN) Nasdaq Dubai-listed Hikma Pharmaceuticals and Ben Venue Laboratories, a member of the Boehringer Ingelheim Group of Companies, have signed an agreement to acquire Bedford Laboratories, its US generic injectables business, according to the Emirates 24/7. The company has already paid USD225 million in upfront cash out of the total USD300 million, while the remaining USD75 million will be paid over the coming five years based on the achievement of the company's performance. Under the agreement, Hikma is acquiring Bedford's assets, which is a generic injectables company with the third largest portfolio of generic injectable products in the US. The assets will include a large product portfolio, intellectual property rights, contracts for products marketed under license, and a number of employees across key business functions.

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