Hikma Pharmaceuticals eyeing $1bn bid for US rival CorePharma

 
Oliver Smith
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HIKMA Pharmaceuticals, which manufactures generic pharmaceutical products, is reportedly looking at buying US-based rival CorePharma for up to $1bn (£615m).

CorePharma, owned by private equity firm RoundTable Healthcare Partners, was reportedly put up for sale in August and Hikma is now one of a number of bidders for the firm, according to The Sunday Times.

Credit Suisse, the investment bank, is thought to be handling the auction process.

Barclays and HSBC are both said to be lined up to provide debt financing for Hikma should a deal be agreed. Hikma and CorePharma both declined to comment.

Hikma, which is listed on the FTSE 250, last month reported a positive start to the year in its interim results, with revenues rising 16 per cent to $738m during the six months to 30 June. Earnings before tax, interest, depreciation and amortisation climbed to $269m during the period, up from $182m during the same period in 2013.