Hikma Pharmaceuticals Launches $30M Digital Health Venture Fund in Amman
Thursday, April 28, 2016
Hikma Pharmaceuticals has launched a $30 million strategic venture capital fund focused on digital health, therapeutics, and diagnostics startups.Founded in August 2015, the Amman-based Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals.
Hikma Pharmaceuticals, founded in 1978 in Amman by Samih Darwazah, produces generic pharmaceuticals at 28 manufacturing facilities in eleven countries, including branded products like Blopress, Prograf, and Suprax. The company went public in 2005, listing on the London Stock Exchange.
According to Hikma Venture’s managing director Lana Ghanem, the fund was launched as a way to supplement the company’s research and development activities while simultaneously allowing Hikma Pharmaceuticals to tap into the booming digital health space.
The entirety of the $30 million comes directly out of Hikma Pharmaceuticals’ balance sheet. Today, Hikma Ventures is closing in on its first set of deals, which Ghanem expects to go complete in the next 2 months. The initial investment size is up to $3 million per round with the opportunity for follow-on funding.