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Wednesday, May 28, 2014

Hikma buys Boehringer injectable drugs business for up to $300 mln, (NYSE: BAC)

Hikma Pharmaceuticals said on Wednesday it had agreed to acquire assets from the U.S. generic injectable drugs business of Germany's Boehringer Ingelheim for up to $300 million, boosting its presence in the injected medicine market. London-listed Hikma will pay $225 million upfront for the assets of Boehringer's Bedford Laboratories and a further $75 million subject to the achievement of performance-related milestones over a period of five years.In addition, Hikma has entered into an exclusivity arrangement with Boehringer to potentially acquire substantially all of the assets of the Ben Venue manufacturing facility in Bedford, Ohio.The German company tapped Bank of America Merrill Lynch last December to explore a possible sale of its generic sterile injectable drugs business, following a series of manufacturing problems.Ben Venue announced in October that it was ceasing production due to quality control issues and said it was "exploring strategic options" for its Bedford Laboratories business.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 3.4% or $0.5/share to $15.22. In the past year, the shares have traded as low as $12.13 and as high as $18.03. On average, 98570800 shares of BAC exchange hands on a given day and today's volume is recorded at 125426728.



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