Boehringer Ingelheim Invest has announced plans to pull its investment in Hikma Pharmaceuticals.
The company currently holds 40 million ordinary shares in the UK group, representing around 16.4% of the issued ordinary share capital and voting rights.
Boehringer has commenced an accelerated bookbuild offering to sell up to approximately 28 million shares in Hikma to institutional investors only.
Concurrently, Hikma has committed to buy back from Boehringer a number of ordinary shares that does not exceed an aggregate value of £295 million, funding the move with cash and available facilities.
“I would like to thank Boehringer Ingelheim for their support as a major shareholder in Hikma since our acquisition of Roxane in 2016,” said Hikma's chief executive Said Darwazah.
“We are delighted to have the opportunity to welcome new investors into Hikma and at the same time have this unique opportunity to acquire a significant proportion of our share capital. The Buy Back reflects our confidence in the future prospects of the business and we will retain significant financial flexibility to continue to execute our strategy.”