|King Abdullah II|
Hikma has 27 manufacturing facilities in 11 countries. It recently bought a huge site in Bedford, OH, from Boehringer Ingelheim. But the company is not overlooking its home country of Jordan, where its new manufacturing plant got the royal treatment.
Jordan's King Abdullah II last week threw the switch to start the manufacturing of oncology active pharmaceutical ingredients at the new facility. The company said with this expansion, Hikma, and so Jordan, will no longer have to rely on imports to make cancer drugs.
The Amman-based company last month reported a 16% jump in H1 revenues, hitting $738 million, boosted by a 41% growth in sterile injectables. Hikma has been on an expansion path. It acquired an exclusive option on Boehringer's Ben Venue Laboratories plant in May after agreeing to buy the generic injectables Boehringer sold under its Bedford Laboratories brand. It paid $225 million in cash upfront and will pay up to $75 million in performance-related milestones for the treatments.
No additional payments were required for the plant, it said in July when it decided to take it as well. Executives told analysts during its earnings call that Hikma would move the newer equipment from the plant to some of its other manufacturing facilities, including a plant in New Jersey, to expand capacity but put the Bedford site into hibernation.
- read the Arab News story