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Publish Date : 24-Sep-2013

Hikma Pharmaceuticals has formed a joint venture with MIDROC Pharmaceuticals aiming at establishing its footprint in the Ethiopian pharmaceutical market. The JV will be named as HikmaCure.

The JV will receive investment in equal proportions from London-based Hikma and MIDROC. The firms have committed to offer nearly $22.3m each in cash.

Over a period of next five years, the combined firm plans to establish an Ethiopian operating company, construct a local manufacturing unit and begin marketing and distributing pharmaceuticals in Ethiopia.

MIDROC will be working with Hikma and HikmaCure to register, market and distribute Hikma's products in the Ethiopian market.

Darwazah, CEO of Hikma said, "We believe Ethiopia offers strong growth potential in the medium to long term and our investment at this stage will enable us to be well positioned in the market. We will continue to explore opportunities to build our presence in the sub-Saharan region."

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