By Carlo Martuscelli

Hikma Pharmaceuticals PLC (HIK.LN) will joint the FTSE 100 index, replacing Shire PLC (SHP.LN), FTSE Russell said Wednesday.

FTSE Russell attributed the swap to Shire's takeover by Takeda Pharmaceutical. London-listed Hikma Pharmaceuticals was founded in Jordan, and manufactures generic medicines as well as in-licensed products.

Shares of the company are up 65% in the past 12 months. Demand of its injectable medicines was recently buoyed by a shortage in the U.S., and the company reported earnings that beat analyst expectations in its latest half-year report.

FTSE Russell said that changes to the index will be made effective from Dec. 24.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

December 19, 2018 14:10 ET (19:10 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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