International Pharmaceutical Giant To Enter the Ethiopian Market

50 million dollar Hikma Cure Pharmaceutical SC awaiting the ratification of its investment license before beginning business in Ethiopia.

Addis Ababa, Ethiopia - MIDROC Pharmaceuticals Ltd and Hikma Pharmaceuticals Plc, a Jordanian company, signed a formal agreement at the Ethiopian Investment Agency (EIA) on Tuesday April 8, 2014, to form HikmaCure Pharmaceutical S.C., pending approval of their agreement and the issue ofan investment license.

The agreement for the establishment of the Company was inked between Hani Qoto, Hikma’s representativeand Abinet G. Meskel representing MIDROC Pharmaceuticals Ltd and was submitted to the agency as part of the application requirements.

“The process to acquire an investment license is now underway and will be finalized by next week,” said an official from MIDROC, who talked to Fortune on the condition of remaining anonymous.

A source at Hikma, who likewise demanded anonymity, agrees with the official at MIDROC but declined to reveal details about the newly formed company, citing that he needs confirmation from the mother company.

Ahmednur Yusuf, Licensing& Registration Director, attended the signing ceremony on Tuesday, according to sources at the two companies, but he stressed that the two companies had not been to the Agency to sign any agreement.

Hikma and MIDROC signed a 50 – 50 joint venture (JV) agreement to establish a local pharmaceutical manufacturing company in Ethiopia back in September 2013.

Read more at: Addis Fortune