Jordan Watch : Jordanian Pharmaceutical Firm buys German: an encouraging sign

I have to say that I felt satisfied to read that the Jordanian pharmaceutical firm Al Hikma has manage dto buy the german oncology firm Ribosepharm GmbH from Ratiopharm GmbH for 45 million dollars. Of course I have no personal gains in this deal but it is a good rare example of the competitiveness of some Jordanian firms. Al Hikma is the biggest pharmaceutical Co. in Jordan and its ability to provide aquisition of a well known German firm is impressing. The Jordanian pharmaceutical industry is probably the best competitive and innovative economic sector in Jordan. You can learn a lot about this sector by reading this brilliant article from Jordan Business magazine

Here is the story as published by the German news agency:

Amman - Amman-based Hikma Pharmaceuticals has bought the German oncology sales and marketing company Ribosepharm GmbH from Ratiopharm GmbH for 45 million dollars, Hikma chairman and CEO Samih Darwazeh said Tuesday in a statement.

'The acquisition of Ribosepharm provides us with an excellent platform from which to enter the large and fast-growing oncology market, which is forecast to become the second largest within the pharmaceutical industry by 2010,' Darwazeh said.

'Ribosepharm has a strong position in Germany, one of the largest European oncology markets, and significant distribution capabilities.

We will be able to draw on its experience in the field of oncology and use its expertise to expand into other oncology markets in Europe, as well as in the United States, the Middle East and North Africa (MENA) region,' he added.

Ribosepharm is a well-established and successful oncology company, specialising in the marketing and distribution of branded generic injectable oncology products both to private practices and hospitals in Germany, Darwazeh said.

Since floating on the London Stock Exchange 15 months ago, Hikma has searched for acquisitions to expand outside the MENA region.

According to company officials, the firm was currently mulling several other acquisitions, including in the Middle East region and in firms focusing on the injectables business.