LONDON (ShareCast) - (Sharecast News) - Drugmaker Hikma Pharmaceuticals said on Tuesday that it has entered into a non-binding term sheet with GlaxoSmithKline to acquire certain parts of latter's assets in Egypt and Tunisia.
Hikma will potentially acquire GSK's interests in certain entities that conduct, and certain assets comprising, Glaxo's pharmaceutical and consumer commercialisation and manufacturing business in Egypt and its pharmaceutical business in Tunisia.

Subject to receipt of consent from the board of GlaxoSmithKline, Hikma will conduct a due diligence exercise, the results of which will form the basis for further discussions with GSK.

The FTSE 250-listed firm highlighted that the proposed transaction was subject to a number of conditions, including the finalisation of definitive and legally binding documents and the completion of due diligence.

"As such, there can be no guarantee at this stage that the proposed transaction will progress," concluded Hikma.

As of 0840 GMT, Hikma shares were down 0.08% at 2,492.0p.

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