Hikma enters into licensing partnership with Perrigo in MENA
Hikma Pharmaceuticals PLC (Hikma, Group) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (rated Ba1 Moody’s / BB+ S&P, both stable) announces that it has signed a licensing and distribution agreement with Omega Pharma Trading NV, an affiliate of Perrigo Company plc (Perrigo), one of the largest providers of over-the-counter healthcare solutions in Europe.
Under the terms of the agreement, Hikma has the exclusive right to license and distribute more than 30 consumer healthcare products, including Davitamon, Prevalin, XLS Medical, Dermalex and Paranix, in all its MENA markets, with the exception of current agreements in place. Hikma aims to work with Perrigo’s existing partners in the MENA region to broaden sales and marketing coverage.
In addition, Hikma has the right of first refusal to the full range of Perrigo’s OTC medicines in the region.
The partnership provides a significant opportunity for Hikma to collaborate with Perrigo in MENA, building on the strengths of each company. The agreement will leverage Hikma’s substantial local presence with operations in 17 markets and an established sales and marketing team, experienced in building brands, with particular expertise in the consumer health business.
Mazen Darwazah, Executive Vice Chairman, Chief Executive of MENA and Emerging Markets said, “We are very pleased to be entering a partnership with Perrigo. This agreement will expand our consumer healthcare portfolio, enabling us to meet growing demand across the region.”
Svend Andersen, Perrigo Executive Vice President and President, Consumer Healthcare International, stated, “These OTC medicines are important in meeting the healthcare needs of patients and consumers. We are pleased to partner with Hikma to leverage their strong presence in MENA markets, further increasing access to these valuable consumer products.