Three companies submit offers for Galenika drug maker

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An Indian company, a Brazilian company and a British-Russian consortium have bid for a 25% stake in Serbia’s Galenika pharmaceutical maker which has debts of USD 220m, the Economy Ministry said on Wednesday.

In April the ministry invited strategic partners to invest at least EUR 7m in Galenika, which operates drug manufacturing plants, for at least five years. In a statement the ministry said Cadila Pharmaceuticals Limited from India, Brazil’s EMS S.A. and the consortium of Britain’s Frontier Pharma Limited and Russian LLC NPA Petrovax Pharm submitted valid offers. “The opening of offers will take place on July 29th… the government will announce the best bidder and it will have 90 days to negotiate (terms) with the first-ranked bidder,” it said. The tender is part of Serbia’s efforts to sell, shut or slim down unprofitable state firms under a EUR 1.2bn loan deal with the International Monetary Fund.

Source: Wise broker