Extension of deadline for submission of indicative bids for Galenika

The Privatization Agency of Serbia extended the deadline today (March 18, 2010) for submission of indicative bids for acquisition of Belgrade-based pharmaceutical company Galenika prior to April 30th.

According to initial terms of the prequalification tender for privatization of Galenika, which was announced in mid-December 2009, the deadline for submission of indicative bids was Friday, March 19th.

It is stated in the ad published in newspaper Politika that the deadline for purchase of the information package has also been extended prior to April 9th.

The Privatization Agency announced in February that three renowned pharmaceutical and one international financial investor had submitted applications for purchase of the information package, but it did not reveal their names.

Before that, Greek pharmaceutical company Alapis announced that it had submitted the application for purchase of the info package.

Indicative bids must contain the most important terms under which a potential buyer is interested in buying Galenika - price, percentage of ownership, investments and social program.

After examining the terms offered by potential buyers, the Privatization Agency, the Ministry of Economy and Regional Development and the Government of Serbia will make the decision on possible announcement of public call for sale of Galenika.

Non-binding bids can be submitted by the investors who bought the information package and who have been operating in the pharmaceutical industry over the last five consecutive years and registered the income from the sales of pharmaceutical products in 2008 of over 100m EUR.

Also, the bids can be submitted by financial investors who bought the information package and whose total assets under management at the end of 2008 exceeded 250m EUR.