We met the management of Hikal Ltd (Hikal) to gain an insight into the company's pharma and agrochem businesses. Established in 1988, Hikal is a B2B player, which provides active ingredients, intermediates and R&D; services to global pharmaceuticals, animal health, crop protection and specialty chemicals companies. For FY18, pharma and agrochem accounted for 58% and 42%, respectively, of total operating revenues. The pharma business is currently divided almost equally between generic active pharma ingredients (APIs) and contract research and...