Hikma Pharmaceuticals stock rises as the company hits new highs
The stock of Hikma pharmaceutical company soared by more than 15% on Monday following the announcement that it has signed a new deal to sell its drug business to a Swiss firm.
The company said the deal, worth nearly $2 billion, will provide the Swiss company with additional flexibility and support as it continues to scale its operations.
“The Hikma-Swiss agreement will provide us with more flexibility to invest in our growth and development efforts and will enable us to expand our operations, strengthen our pharmaceutical portfolio and enhance our clinical programs in areas that are of particular interest to our customers,” said the company in a statement.
Hikma is the third drug company to announce a new contract this year, following Pfizer and Sanofi.
Swiss pharmaceutical company Sanofi announced earlier this year that it had entered into a deal to buy Hikma, which has seen its shares rise to more than $2,000 apiece from less than $10 a year ago.
Shares of the company have surged in recent months, with the price hitting $3,000 on Monday.
Analysts surveyed by Reuters had expected Hikma to see its share price increase to $2.50 per share.