Ridgefield-based Boehringer Ingelheim is selling its U.S. generic pharmaceutical business based in Ohio to Hikma Pharmaceuticals PLC in a deal valued at about $2.65 billion.
Hikma is a London-based company that develops, manufactures and markets branded and nonbranded generic and in-licensed products. It operates in the U.S., Europe and the Middle East and North Africa region.
The company will purchase 100 percent stock in Roxane Labs Inc., the collective name for Boehringer”™s generic pharmaceutical business, Roxanne Laboratories Inc., and its manufacturing supply chain affiliate, Boehringer Ingelheim Roxane Inc. Boehringer will receive cash and stock in Hikma. The $2.65 billion valuation comes from up-front payments, plus milestones and royalties related to certain assets in Roxane”™s development pipeline.
In a press release, Boehringer Ingelheim said the deal would allow it to “retain a vested interest in the significant potential of Roxane, while focusing on growing its global core businesses in branded pharmaceuticals, consumer health care, animal health and biopharmaceuticals.”
After assessing its portfolio at the end of last year, Boehringer, a U.S. subsidiary of the Boehringer Ingelheim corporation based in Germany, decided to pursue strategic options for its generic pharmaceutical business. The company said the Roxane business will realize its growth potential under Hikma.
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