GlaxoSmithKline (GSK Egypt) has announced that Glaxo Limited Group, their majority stakeholder, has apologized to both Rameda and ACDIMA Egypt and will focus their efforts and resources in a potential deal with Hikma Pharmaceuticals PLC.

In two separate statements to the Egyptian Exchange, GSK Egypt stated that it appreciated Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E and Arab Company for Pharmaceutical Industries and Medical Appliances’ (ACDIMA Egypt) interest in the company.

The reason behind the decision, according to the statement was the structure of the potential deal and the great effort and time required for due diligence checks and negotiations on their part, as well as to avoid any negative impact on GlaxoSmithKline and their operations.

Within the last week of January and the first week of February, Glaxo Limited Group received three separate letters of interest on the potential sale of their Egyptian and some Tunisian assets.

On January 26, Glaxo Limited Group announced that they 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 percent of the company's entire shares.

GSK Egypt reported a 51.2 percent year-on-year growth in its consolidated net profits at EGP 101.41 million during the first nine months of 2020.