Serbia gave potential investors two more weeks to make offers for Galenika AD, an unprofitable drugmaker, as the government seeks to turn around money-losing state enterprises.
International pharmaceutical companies will have until April 1, instead of an original March 18 deadline, to submit letters of intent, according to the announcement the Belgrade- based Finance Ministry posted on its website.
Serbia invited companies active in the pharmaceuticals industry over the past five years and with operating revenue of more than 200 million euros ($267 million) in 2011, on Jan. 15 to submit their own proposals for a “privatization model” for Galenika.
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