Russians sole remaining bidders for Galenika – India's Cadila drops out of the competition?

India's Cadila Pharmaceuticals will probably drop out of the competition for the purchase of Galenika, Blic learns.

After the exit of Brazil's EMS from the competition due to procedural issues, the same might happen to the Indian company. In this case, the British-Russian consortium of Frontier and Petrovax Pharm, whose participation was mediated by Serbian businessman Toplica Spasojevic, would remain the only remaining bidder for the purchase of 25% of Galenika.

As Blic reports, the privatization adviser of Galenika has prepared a report, which will soon be forwarded to the commission for carrying out the procedure of the selection of the strategic partner.

The commission will rate the bids in line with the report, but seeing how the Indian company might also drop out due to documentation irregularities, the only bid to be rated will be the one made by the British-Russian consortium, Blic writes.

As Blic wrote recently, the consortium offers EUR 7 million for 25% of Galenika's capital, which is the minimum amount requested by the state as the factory's majority owner. They are ready to invest EUR 30 to 40 million in Galenika. Their bid says that they see Galenika with 700 employees, instead of the current 1,400.

Galenika a.d. Beograd

Galenika

sale of Galenika

privatization of Galenika

pharmaceutical drugs

Cadila Pharmaceuticals

EMS Brazil

Frontier Pharma Limited Great Britain

Petrovax Pharm

Toplica Spasojevic