- Pharmaceutical company Hikma Pharmaceuticals said it had agreed to acquire Custopharm from Water Street Healthcare Partners for up to $425 million.

Under the terms of the deal, Hikma agreed to pay an initial cash consideration of $375 million, with a further $50 million in contingent consideration payable upon the achievement of certain commercial milestones.

'This acquisition provides Hikma with an attractive opportunity to further strengthen our US injectables business, by adding an attractive and profitable portfolio of marketed products and an exciting pipeline of future opportunities,' the company said.

Completion of the transaction would require approval from the US Federal Trade Commission.

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