Hikma says has $600m to finance MENA deals

London-based firm's CEO says seeking acquisitions in Middle East, Africa and Turkey

London-based Hikma Pharmaceuticals says it has up to $600m to finance acquisitions in the Middle East and Africa, according to Bloomberg.

Speaking to the news service at the World Economic Forum in Jordan, CEO Mazen Darwazah said that it expects to close one “small or medium-size” deal this year, and planned to invest $100m in sub-Saharan Africa through acquisitions and new business.

“We currently have a war chest of between $400 million and $600 million for acquisitions,” Darwazah said. “We’re looking in Turkey, the Middle East, Africa and the former Soviet Union states.”

Hikma was founded in the Jordanian capital of Amman in 1978 and the company’s revenues topped $1.1bn in 2012. It has production facilities in regional countries including Jordan, Saudi Arabia, Algeria, Egypt and Morocco.

In January the firm agreed to acquire Egyptian Company for Pharmaceuticals & Chemical Industries for $22.2m.

Earlier this year Hikma was said to be considering a sale of its injectable drug business following unsolicited approaches to buy the unit from Amgen and Novartis. Hikma decided to keep the decision after concluding a review.

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