In a move that will make Hikma Pharmaceuticals Plc the sixth largest US generic drug provider, the Jordanian company said it is going to purchase the German drug manufacturer Boehringer Ingelheim’s US specialty generic drugs business. The deal is worth an estimated $2.65 billion in cash and stock.
The company’s stock climbed 8 percent on late Tuesday trading. Previously the stock had fallen about 13 percent since it was included in the British benchmark FTSE 100.
The sale is just one more in a series of high profile deals in the generics sector. On Monday Israeli company Teva Pharmaceutical Industries announced it will purchase Allergan’s generic drug business for $40.5 billion. This move serves to strengthen Teva’s position as the world’s largest producer of generics.