Hikma Pharmaceuticals announced on Tuesday plans to buy GlaxoSmithKline’s stake in some assets including the drugmaker’s pharmaceutical, consumer commercialisation and manufacturing business in Egypt and its drugs business in Tunisia.
The British drugmaker also said it had entered into a non-binding term sheet with GlaxoSmithKline to proceed with the acquisition plan.
Subject to receipt of consent from the board of GlaxoSmithKline, Hikma will conduct a due diligence process, the results of which will form the basis for further discussions with GSK.
Hikma added that that the proposed transaction was subject to a number of conditions, including the finalisation of definitive and legally binding documents and the completion of due diligence.
“As such, there can be no guarantee at this stage that the proposed transaction will progress,” Hikma said.
