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.

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.

BELGRADE - Aelius Sarl Luxembourg has offered 16 mln euros to buy a 93.72914 pct stake in the Serbian pharmaceuticals giant Galenika, according to its financial bid, opened in the Serbian Ministry of Economy Thursday.

A commission decided the bid had been submitted in line with an invitation to tender and that it met all requirements.

Luxembourg-based Aelius, connected to Brazil's EMS SA, has submitted all necessary documents for the privatization of Serbia's pharmaceutical company Galenika.

The Ministry of Economy, in charge of the privatization, announced this, adding that the other bid, fron Belgrade-based Amicus SRB, connected to the Swiss HBM investment fund, was rejected due to incomplete documentation.

Luxembourg-based Aelius, connected to Brazil's EMS SA, has submitted all necessary documents for the privatization of Serbia's pharmaceutical company Galenika.

The Ministry of Economy, in charge of the privatization, announced this, adding that the other bid, fron Belgrade-based Amicus SRB, connected to the Swiss HBM investment fund, was rejected due to incomplete documentation.

The Ministry of Economy has called a tender to sell a 93.7 pct owned stake in the Belgrade-based Galenika pharmaceuticals, with one euro as the starting price.

The buyer will have to increase Galenika's base capital by paying EUR 25 million, to be used to finance the company's debt.

The Ministry of Economy has called a tender to sell a 93.7 pct owned stake in the Belgrade-based Galenika pharmaceuticals, with one euro as the starting price.

The buyer will have to increase Galenika's base capital by paying EUR 25 million, to be used to finance the company's debt.

Daniel Berg, Director for Serbia at the European Bank for Reconstruction and Development, EBRD, told BIRN that the Serbian government decision to swap the company's debts for equity would seem to have cleared one concern that investors may have about investing in a company with excessive financial liabilities.

The Serbian government has decided to cancel the privatization of Galenika pharmaceuticals.

Beta is reporting, citing the government, that the decision came at the request of a committee which negotiated the sale with the Belgrade-based company's only bidder - the British-Russian consortium Frontier Pharma-Petrovax.

BELGRADE - An attempt to privatise Serbia's pharmaceuticals giant Galenika fell through on Wednesday after a meeting with a potential strategic partner, a Russian-British consortium, ended in no deal on a takeover of the company's debts to commercial banks.