Serbian Government sells its stake in Galenika

Serbian Minister of Economy Goran Knezevic and a representative of the pharmaceuticals company Aelius, Jorge Costa Da Silva, on Thursday signed

A contract on the sale of Serbian government's 93.73 percent stake in drugmaker Galenika was signed in Belgrade on Thursday.

The contract was inked by Serbian Minister of Economy Goran Knezevic and Jorge Costa Da Silva, who represented the buyer, Aelius.

Galenika's new owner is based in Luxembourg and linked to Brazil's EMS S.A.

Aelius was the only bidder in a tender announced in early September who submitted all the necessary documentation.

The company offered to pay EUR 16 million for the acquisition, and agreed to cover Galenika's debt to commercial banks, amounting to EUR 25 million.

In addition, the buyer will keep at least 900 workers over the next two years, and invest EUR 5.52 million.

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