Hikma in talks to buy assets of GSK business in Egypt as part of wider proposed deal

Hikma in talks to buy assets of GSK business in Egypt as part of wider proposed deal

Negotiations on the potential acquisition of some assets of the subsidiary GlaxoSmithKline (GSK) Egypt's pharmaceutical business are taking place currently between the two British companies GSK Group and Hikma Pharmaceutical PLC, as part of a wider proposed deal.

Hikma said in an official statement on Tuesday that it is in talks to acquire the assets and stakes owned by certain GSK Group-controlled entities, including the drug maker's pharmaceutical, consumer commercialisation, and manufacturing business in Egypt and its drugs business in Tunisia.

"Hikma confirms that it has entered into a non-binding term sheet with GSK for the purposes of potentially acquiring GSK's interests in certain entities it conducts, and assets comprising GSK's pharmaceutical and consumer commercialisation and manufacturing business in Egypt and GSK's pharmaceutical business in Tunisia," read the statement.

Hikma's statement was released in response to a disclosure made on Tuesday to the Egyptian Exchange by GSK SAE concerning the step.

Further discussions between Hikma and GSK over the proposed transaction are relying on the outcomes of the due diligence exercise Hikma will conduct, the statement added.

Hikma hasn't provided further details on the percentage of stakes that it is planning to buy, but it said further updates will