Hikma Pharmaceuticals said it is reviewing options for its lucrative injectables business after receiving several unsolicited expressions of interest, driving up its shares nearly 8% to a life-high.

The injectables business could fetch Hikma between $1 billion and $2 billion, four analysts estimated.

"There was no intention of divesting that business ... but if somebody wants to pay a very good return for that business they would have to look seriously at that," a spokeswoman for Hikma told Reuters.

It was not surprising that Hikma's injectables business has attracted suitors, Jefferies & Co analyst James Vane-Tempest said. "Injectables is a "hot area" for generics M&A right now."

Drugmaker Mylan said on Wednesday that it would buy the injectables unit of India's Strides Arcolab for $1.6 billion. It expects global generic injectable drug sales to grow faster than other dosage forms, helped by a raft of patent expiries.