Opening of bids for Galenika in October – Deadline for amending documentation expires today

Financial bids for the purchase of the Belgrade-based pharmaceutical company Galenika will be opened next week, as announced today by the state secretary at the Ministry of Economy, Dragan Stevanovic.

– The deadline for the bidders to submit amended documentation expires today and we believe they will do so – Stevanovic told the press.

He added that, if the tender commission determined that adequate technical documentation documentation had been sent, the conditions would meet for the opening of financial bids by the qualified bidders.

– So far, everything has been going according to plan, there have been no surprises and there's no reason to worry at this stage of the procedure – Stevanovic said.

The bids were sent by Amicus and EMS.

The Ministry of Economy of Serbia opened a tender for the sale of 93.7% of Galenika's capital on September 1, and the initial price at the public auction is one euro, whereas the purchaser obliges to pay EUR 25 million to cover the company's banking debts.

One attempt to privatize Galenika failed early this year, as no agreement could be reached with the potential strategic partner, the Russian-British consortium Frontier-Petrovax, on taking over Galenika's debts towards commercial banks.

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