Hikma Pharmaceuticals, based out of London, says it has set aside US$600 million to pay for acquisitions it would be making in the Middle East and Africa. This was confirmed by their CEO Mazen Darwazah with Bloomberg.

Darwazah spoke to Bloomberg during the World Economic Forum held in Jordan. He said that his company is expecting to close one 'small or medium size' deal in 2013 and is also planning to invest about US$100 million in Africa through new business and acquisitions to be made.

According to Darwazah, "We currently have a war chest between US$400 million and US$600 million for acquisitions. We're looking in Turkey, the Middle East, Africa and the former Soviet Union states."

Hikma was established in Amman, Jordan back in 1978 and as of 2012, its revenues topped US$1.1 billion. It has offices and production factories in countries such as Jordan, Saudi Arabia, Algeria, Morocco and Egypt.

Back in January, it had agreed to purchase Egyption Company for Pharmaceuticals and Chemical Industries for the price of US$22.2 million.