London-based Hikma Pharmaceuticals will acquire the assets of Boehringer Ingelheim's Bedford Laboratories -- its U.S. injectable generics business operated by Ohio-based subsidiary Ben Venue Laboratories -- for a total consideration of up to $300 million.
In addition, Hikma will potentially acquire all of the assets of the troubled Ben Venue manufacturing site in Bedford, Ohio -- one of the largest sterile injectable manufacturing sites in the world -- subject to due diligence and customary approvals in the U.S. and UK.
The combination of the acquired Bedford assets with Hikma's existing global injectables platform will significantly strengthen Hikma's position as a leading generic injectables company in the U.S.
Ben Venue had announced the possible sale of its generic sterile injectable drugs business back in December, after struggling to keep the Ohio site open after a series of drug quality problems. Ben Venue's plant had been operating under a consent decree with FDA until ultimately deciding in October to cease production and avoid additional investment.