Hikma shells out $45.75M to buy bankrupt Teligent's Canadian assets

Hikma, a London-based generics maker, paid $45.75 million to snap up the Canadian assets of Teligent, which filed for bankruptcy last October.

The deal, which is expected to close by the end of the first quarter of 2022, includes 25 sterile injectable products, three in-licensed ophthalmic products and seven other products (four of them approved by Health Canada) in Teligent’s pipeline. The purchase represents Hikma’s entry into the Canadian market.

Teligent, which had been struggling financially and was under intense scrutiny by the FDA over manufacturing issues, declared bankruptcy last October. At the time, the company let go of 133 workers and said it would begin selling off its assets.

Troubles for the New Jersey-based generics manufacturer began back in 2019, when the FDA issued a warning letter blasting the company for taking a skin medication (clobetasol propionate cream) to market despite failing to investigate two out-of-specification tests related to product stability.

RELATED: Troubled Teligent pulls 'super potent' topical lidocaine lot following failed stability tests

A month prior to the bankruptcy, Teligent issued a voluntary recall of one lot of its topical lidocaine HCL solution, used to numb pain in the mouth, nose and throat, after it was found to be too potent during stability testing at 18 months.

Then in early December, Teligent recalled two lots of topical lidocaine solution after testing uncovered superpotent results at the nine-month and 19-month time points.