Addleshaw Goddard advises Hikma Pharmaceuticals on Ethiopian joint venture
Addleshaw Goddard has advised Hikma Pharmaceuticals plc on a 50–50 joint venture with Sheikh Mohammed Hussein Al Amoudi’s MIDROC Group.
The joint venture, called HikmaCure, establishes a presence for Hikma in the Ethiopian pharmaceutical market. Hikma and MIDROC will invest in HikmaCure in equal proportions and have committed to provide up to $22.3m (£13.8m) each in cash.
The Addleshaw Goddard team was led by corporate finance partner Chris Taylor with support from managing associate Simon Wood.
This is the third corporate transaction Addleshaw Goddard has advised on in Ethiopia in the last two years.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.