Hikma Pharmaceuticals said that its wholly-owned subsidiary Hikma Pharmaceuticals Ltd. has entered into a licensing and distribution agreement with Vifor Pharma, a wholly-owned subsidiary of Galenica Group.

Under the agreement, Hikma will market Ferinject, Vifor Pharma's innovative treatment for iron deficiency, in the Middle East and North African region or MENA.

In addition the agreement will also leverage Hikma's local presence, regional marketing and regulatory expertise, allowing Hikma to maximise the potential of one of the world's fastest-growing markets for iron deficiency products.

Hikma, with over 1,600 sales and marketing staff in the region, will get exclusive rights to market and distribute a product that complements its portfolio of prescription pharmaceuticals.

The MENA pharmaceutical market is expected to grow at an annualized rate of around 11% over the next five years, offering excellent growth potential for high quality innovative pharmaceuticals such as Ferinject, the company added.