By Samuel Indyk
Investing.com – Hikma Pharmaceuticals PLC (LON:HIK) confirmed on Tuesday it is in discussions with GlaxoSmithKline PLC (LON:GSK) to purchase certain assets in Egypt and Tunisia. GlaxoSmithKline S.A.E., the listed Egyptian subsidiary of GlaxoSmithKline, first made an announcement to the Egyptian Exchange regarding the potential deal.
The assets in question are GSK’s pharmaceutical and manufacturing business in Egypt and their pharmaceutical business in Tunisia. No financial details of any deal have been disclosed at this stage and Hikma announced they expect to do due diligence on the assets, the results of which will form the basis for further discussions with GSK in connection with the proposed transaction.
Hikma also said the proposed transaction is subject to a number of conditions and as such there can be no guarantee at this stage that the deal will progress.
At 11:35GMT, FTSE 100 component Hikma Pharmaceuticals’ shares were up 1.3% at £25.27. GlaxoSmithKline’s shares were trading higher by 1.00% at £14.19.