Hikma Pharma Cuts Cash Offer in Half for BI's Roxane Labs

Japan-based Hikma Pharmaceuticals nearly halved the cash portion of its offer for Boehringer Ingelheim’s U.S. generic drugs business because sales were lower than it anticipated in 2015, according to an article in The New York Times.

Hikma now offered to pay $647 million in cash and issue 40 million new shares to Boehringer for the generics unit -- Roxane Laboratories and Boehringer Ingelheim Roxane -- representing about 16.71 percent of its outstanding stock. That is $535 million less than the $1.18 billion in cash that Hikma offered in July. Read the full story