Addleshaw Goddard has advised Hikma Pharmaceuticals plc on a 50:50 joint venture with Sheikh Mohammed Hussein Al Amoudi's MIDROC Group. This joint venture, called HikmaCure, establishes a presence for Hikma in the Ethiopian pharmaceutical market.

The Addleshaw Goddard team was led by corporate finance partner Chris Taylor with support from managing associate Simon Wood.

Chris Taylor commented: "We are very pleased to have been able to help Hikma establish an Ethiopian pharmaceutical business. The region has a dynamic pharmaceutical market with a rapidly growing population in need of high quality medical products, offering a real growth opportunity.  Africa represents an exciting and often challenging place to do business - we are delighted to have been able to draw upon our experience of high profile corporate deals in the region to help Hikma deliver this one."

This is the third corporate transaction Addleshaw Goddard has advised on in Ethiopia in the last two years. McGuire Woods advised MIDROC.

Hikma and MIDROC will invest in HikmaCure in equal proportions and have committed to provide up to $22.3 million each in cash. Over the next five years, HikmaCure will build a local manufacturing facility and in the interim MIDROC will work with Hikma and HikmaCure to register, market and distribute Hikma's products in the Ethiopian market. The manufacturing facility is expected to begin commercial production in 2017.