Hikma Hit By Approval Delays, But Advair Diskus Generic Expected Next Year
Jordan's Hikma claims to be a more balanced generics company after the Roxane acquisition, and expects 2017 approval of an Advair Diskus generic, but delays in US generic approvals held back profits in the 2016 first half.
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Allergan PLC has $27.6m in cash after closing the $40.5bn sale of its generics business to Teva Pharmaceutical Industries Ltd. and paying down $9.3bn debt, but the company will rely on blockbuster sales gains and recent launches for revenue and earnings growth, not a big acquisition.
The Federal Trade Commission (FTC) told Hikma Pharmaceuticals PLC it had to sell two generic drugs and give up the rights to a third to settle charges the firm's proposed $2bn acquisition of Boehringer Ingelheim GmbH unit Roxane Laboratories Inc. is anticompetitive.
"A very good deal that just got a little sweeter," is how Hikma CEO Said Darwazah described the $535m purchase price reduction of Roxane Laboratories Inc. from Boehringer Ingelheim. The discount was result of "new information" from BI in relation to Roxane's financial performance in 2015, specifically higher than expected rebates offered by Roxane.