Hikma Pharmaceuticals said it plans to buy GlaxoSmithKline’s stake in some Middle East assets, including its pharmaceutical, consumer commercialisation and manufacturing businesses in Egypt and its drugs business in Tunisia. The acquisition is expected to create the largest pharmaceuticals company in Egypt.
The drugmaker, which was founded in Jordan and is listed on the London Stock Exchange, signed a non-binding agreement with Glaxo Group for the potential purchase of its 91.2 per cent stake in its GSK Egypt subisidiary, according to a statement on Tuesday. The transaction will be carried out by submitting a mandatory tender offer for 100 per cent of GSK company's shares.
The deal will also be subject to the completion of due diligence and regulatory approvals. The timeline and the potential value for the acquisition are yet to be disclosed.
The potential acquisition comes amid the worsening Covid-19 pandemic that has put unprecedented pressure on regional and global healthcare systems. The pandemic has led to the rapid acceleration of efforts to find solutions in the areas of diagnostics and pharmaceuticals.
The biggest market for Hikma, which produces and markets a wide range of branded and non-branded generic medicines, is the US, followed by Saudi Arabia and Egypt. Revenue for the first six months of 2020 increased by 8 per cent to $1.1bn and net profit rose 16 per cent to $212 million.
With annual revenues of about 4 billion Egyptian pounds ($254.4m), GSK Egypt has a 5 per cent share of the local pharma production market, according to a research note from investment house Naeem Brokerage. It added that the company sells more than 160 million units per annum in Egypt.
“Hikma Egypt is roughly half the size of GSK with a market share of 2.6 per cent on a year-to-date basis in 2020,” the note said.
The transaction, if successful, will create the biggest pharma producer in Egypt with a combined market share of close to 7.5 per cent in terms of sales value. This will make it larger than Novartis (with a market share of 6.7 per cent) and Sanofi (5.3 per cent).
Naeem Holdings' analysts estimated that GSK’s Egyptian operations, excluding its Tunisia business, could be valued at between $600m to $650m.
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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The specs
AT4 Ultimate, as tested
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In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Meydan racecard:
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'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
WandaVision
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Directed by: Matt Shakman
Rating: Four stars
The specs
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Scoreline
Arsenal 3
Aubameyang (28'), Welbeck (38', 81')
Red cards: El Neny (90' 3)
Southampton 2
Long (17'), Austin (73')
Red cards: Stephens (90' 2)
