Reuters: Hot Stocks: UPDATE 1-Hikma reviewing options for injectables business, shares up

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UPDATE 1-Hikma reviewing options for injectables business, shares up Mar 1st 2013, 11:14 Fri Mar 1, 2013 6:14am EST (Adds background, details, share movement) March 1 (Reuters) - Hikma Pharmaceuticals Plc said it is reviewing options for its injectables business after receiving several unsolicited expressions of interest, sending its shares up as much as 5 percent. The Jordanian group, which makes and sells branded and generic drugs, gets more than half of its overall revenue from the Middle East and North Africa. Hikma's injectable business has been benefiting from a drug shortage in the United States as several companies are facing stringent regulatory scrutiny due to quality issues. Hikma, which listed on the London Stock Exchange in 2005, had said in October that most of its growth in the second half of 2012 would come from its U.S. injectables business, which accounted for about 60 percent of its injectable sales. Revenue from injectable pharmaceuticals nearly doubled in the first half to 225.2 million pounds ($341.8 million), mainly driven by its U.S. operations. It contributed 42 percent to first-half revenue. Hikma is valued at 1.71 billion pounds in market capitalisation based on the stock's closing price on Thursday. The company's shares were trading up about 2.3 percent on the news at 886.5 pence at 1049 GMT on the London Stock Exchange. They touched a year-high of 910.75 earlier. ($1 = 0.6588 British pounds) (Reporting By Richa Naidu in Bangalore) Link this Share this Digg this Email Reprints

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