Serbia Extends Galenika Tender Again Giving Valeant More Time

Serbia set May 31 as the new deadline in the tender for Galenika AD, giving a unit of Canada’s Valeant Pharmaceuticals International Inc (VRX) another month to make an offer for the state-owned drugmaker.

The third extension since offers were first invited on Jan. 15 comes more than two weeks after the government narrowed its choice of potential investors to Valeant Pharmaceuticals North America Llc, expecting a proposal by today, the Finance and Economy Ministry said on its website.

Serbia has sought a strategic partner for Galenika among drug makers with operating revenue of at least 200 million euros ($261 million) in 2011. Galenika, based in Zemun, near the capital Belgrade, narrowed its loss in 2012 to 5.6 billion dinars ($66.2 million) from 13.5 billion dinars a year earlier.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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