PwC benefits from changing of Hikma audit guard

FAST-GROWING drug company Hikma Pharmaceuticals will be swapping auditors from incumbents Deloitte to Big Four rivals PwC.

Hikma, which entered the FTSE 100 earlier this year for the first time since being founded in 1978 by a Palestinian refugee – announced the changes following a formal tender process where the board approved the appointment of PwC. Subject to shareholder approval at its 2016 AGM, Deloitte will stand down and hand over the reins to the $1.8m (£1.2m) audit and $0.5m non-audit fee account.

The firm primarily makes and sells out-of-patent drugs and has recently created a division dedicated to medicines delivered intravenously or via a syringe.

Pat Butler, chairman of the audit committee, said: “On behalf of the board, I would like to thank Deloitte for their significant contribution to Hikma since listing in 2005 and before that as a private company.”