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Hikma to buy Boehringer's U.S. generics unit for $2.65 bln

Reuters - UK Focus

July 28 (Reuters) - Hikma Pharmaceuticals Plc (LSE: HIK.L - news) said it would buy German drugmaker Boehringer Ingelheim's U.S. specialty generic drugs business for about $2.65 billion in cash and stock to bolster its presence in the United States.

Hikma said it will pay about $1.18 billion in cash and issue 40 million new Hikma shares, or about 16.71 per cent of its issued share capital, for Boehringer's Roxane Laboratories Inc and Boehringer Ingelheim Roxane Inc on closing of the deal.

The company said the deal valuation was based on an agreed issue price for the new Hikma shares of 23.50 pounds per share and an exchange rate of 1.56 dollars to the pound.

Hikma has also agreed to make milestone payments of up to $125 million. (Reporting by Roshni Menon in Bengaluru; Editing by Anupama Dwivedi)