Glaxo Group Limited, GSK Egypt’s main stakeholder, has now received interest in their Egyptian subsidiary by three groups
GSK Egypt’s prospects continue to look up as another bidder joins the race for its assets.
Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E announced early Tuesday that they have submitted their own non-binding letter of intent to acquire GlaxoSmithKline (GSK) Egypt.
Glaxo Group Limited, GSK Egypt’s main stakeholder, has now received interest in their Egyptian subsidiary by three groups.
GSK Egypt’s first bid, Hikma Pharmaceuticals PLC, was announced last Tuesday, with Arab Company for Pharmaceutical Industries and Medical Appliances, ACDIMA Egypt, releasing the news of their intent just yesterday.
Hikma is currently the only foreign investor looking to acquire GSK, with both ACDIMA and Rameda being Egypt-based companies.
In a statement to the Egyptian Exchange, GSK Egypt announced that Glaxo Group Limited had signed a non-binding term sheet with Hikma for a potential acquisition of 91.2 percent of the company by submitting a compulsory purchase offer for 100% of the company's entire shares.
