London-based multinational company Hikma Pharmaceuticals PLC has reached an asset acquisition agreement with Ben Venue Laboratories for the purchase of its U.S. generic injectables division, Bedford Laboratories, for $300 million.

Ben Venue, which is a member of the Boehringer Ingelheim Group of Companies, will receive $225 million in cash, followed by an extra $75 million due to be paid over a period of five years on the condition that a series of performance achievements have been fulfilled, Hikma stated.

Bedford Laboratories is the third-largest U.S. producer of generic injectable products. With the signing of this agreement Hikma takes over all assets of the company, including its entire portfolio, intellectual property rights, its manufacturing facility in Bedford, Ohio, contracts that Bedford has signed for products under license, all raw material inventories and its R&D business. Combining all these assets with those already owned by Hikma will allow the company to enhance its presence on the U.S. generic injectables market.

According to Said Darwazah, chief executive officer of Hikma, Bedford’s large portfolio, containing high-value, niche and differentiated products, will be beneficial to Hikma’s strategic goals to expand its presence on the U.S. market. The deal will also bring benefits to consumers, as it will lead to a more reliable supply of products that are in demand, he added.