Jordan-based and U.K.-listed generic pharmaceutical company Hikma Pharmaceuticals PLC has agreed to buy Roxane Laboratories for $2.7 billion. We expect the acquisition to be financed with $1.2 billion of cash and $1.5 billion of Hikma shares and to close by the first quarter of 2016 or toward the end of 2015. We continue assess the business risk profile as "fair" and financial risk profile as "intermediate," reflecting our view that the transaction will have a limited impact on the company's credit strength. We are therefore affirming our 'BB+' long-term corporate credit rating on Hikma and on the notes issued by the company. The stable outlook reflects our view of Hikma's stable operating performance over the next 12-18 months and our
