Quintiles Continues Eastward Push, Looks To Russia And Middle East For Growth
This article was originally published in PharmAsia News
The U.S. CRO sees opportunities to align with young, domestic biopharma companies in emerging markets.
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Jordanian drug maker Hikma Pharmaceuticals PLC acquired 63.9% of Moroccan branded generics firm Promopharm SA Oct. 3 in a cash deal worth $111.2 million. The acquisition gives Hikma access to the fourth largest pharmaceutical market in the Middle East and North Africa, additional manufacturing capacity and capability, and a perhaps stronger claim to its goal of being a partner of choice for multinationals across the MENA region
Russia's bid to catch up in the global race to establish a recognized biopharma sector picked up speed with the Aug. 4 announcement of SynBio, a $110 million joint venture to develop bio-betters and innovative medicines for the Russian and international markets
As drug makers restart their Egyptian operations, financial analysts have begun to assess the impact of recent events for the pharma industry. As the largest pharma market in the Middle East, Egypt has attracted both multinational and local drug makers, but local firms such as leading Jordanian pharma Hikma may see less disruption from political events than MNC counterparts, according to Credit Suisse analysts