Hikma Completes Acquisition of Assets of Bedford LaboratoriesBy
Hikma Pharmaceuticals PLC has completed its acquisition of assets of the US generic injectables business, Bedford Laboratories, from Ben Venue Laboratories, Inc., a member of the Boehringer Ingelheim Group of Companies. As previously announced, the total consideration of up to $300 million will be satisfied through an upfront cash payment of $225 million and contingent cash payments of up to $75 million, subject to the achievement of performance-related milestones over a period of five years.
â€‹Hikma is acquiring Bedford's product portfolio, intellectual property rights, contracts for products marketed under license, raw material inventories, R&D and business development pipeline and a number of employees across key business functions. The combination of these assets with Hikma's existing global Injectables platform is intended to strengthen Hikma's position in generic injectables in the US.
In addition, Hikma has an exclusivity arrangement with the Boehringer Ingelheim to potentially acquire substantially all of the assets of the Ben Venue manufacturing facility in Bedford, Ohio. Due diligence is ongoing, and any acquisition will be subject to customary approvals in the United States and the United Kingdom.
Source: Hikma Pharmaceuticals