Wednesday, September 18, 2013

Hikma Pharma teams up with MIDROC to enter Ethiopian market

(Reuters) - Jordan's Hikma Pharmaceuticals said on Wednesday it was entering the Ethiopian market through a joint venture with Sheikh Mohammed Hussein Al Amoudi's MIDROC Group.

London-listed Hikma said the joint venture, named HikmaCure, would establish an Ethiopian operating company, build a local manufacturing facility and would begin marketing and distributing pharmaceutical products in Ethiopia.

The two groups will provide up to $22.3 million each to the joint venture, Hikma said in a statement.