By Ian Walker

Hikma Pharmaceuticals PLC said Tuesday that it has entered into a preliminary agreement with GlaxoSmithKline PLC's Egyptian subsidiary to buy certain businesses, and expects to start due diligence in order to proceed with talks.

The pharmaceutical group said talks relate to the potential acquisition of Glaxo's pharmaceutical and consumer commercialization and manufacturing business in Egypt, and pharmaceutical business in Tunisia.

Hikma said that any deal is subject to a number of conditions, and that there is no certainty any deal will be struck.

Hikma shares at 0810 GMT were up 1.0 pence, or 0.04%, at 2,495.0 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 26, 2021 03:30 ET (08:30 GMT)

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