JORDANIAN FIRM EXPANDS INTO ONCOLOGY MARKET

Hikma Pharmaceuticals, based in Jordan, has announced plans to acquire Ribosepharm, an oncology sales and marketing division of German drugmaker Ratiopharm, for $45 million.

Ribosepharm is a well-established and successful oncology company, specializing in the marketing and distribution of injectable oncology products, according to Hikma. In 2005 Ribosepharm had net sales of $43.2 million. The acquisition will be made on a cash-free and debt-free basis and will be subject to certain working capital and contract-based adjustments.

"The acquisition of Ribosepharm provides us with an excellent platform from which to enter the large and fast-growing oncology market, which is forecast to become the second largest within the pharmaceutical industry by 2010," Samih Darwazah, chairman CEO of Hikma, said. "Ribosepharm has a strong position in Germany, one of the largest European oncology markets, and significant distribution capabilities. We will be able to draw on its experience in the field of oncology and use its expertise to expand into other oncology markets in Europe, as well as into the United States and the [Middle East and North Africa] region."

Hikma is focused on developing, manufacturing and marketing a broad range of generic and in-licensed pharmaceutical products in solid, liquid and injectable dosage forms. The company sells 115 generic drugs, as well as 25 brand pharmaceutical products, in 34 countries in Europe, the Middle East and Africa and in the U.S.