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Hikma Pharmaceuticals
In 2006, multinational pharmaceuticals group Hikma Pharmaceuticals PLC increased its minority stake in Al Jazeera Pharmaceuticals Industries Limited (JPI) to 100% ownership. Founded in 1994, Riyadh-headquartered JPI sells 36 generic pharmaceutical products in more than six countries, with a staff of 380 employees.
JPI’s manufacturing facility in Riyadh has been certified by domestic and international regulators, including a 2006 U.S. Food and Drug Administration approval for the manufacturing of oral cephalosporin. The combined company makes Hikma the 6th largest player in Saudi Arabia’s pharmaceutical market. JPI reported net income of SAR 11.4 million on net sales of SAR 113.9 million in 2005.
Samih Darwazah, Chairman & CEO of Hikma, commented: “Through this acquisition we are executing on our strategy to consolidate our position in the Saudi Arabian market and to gain greater exposure to the Gulf Cooperation Council countries, some of the fastest growing markets in the Middle East and North Africa region.”
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