Serbia Offers Investors More Time to Bid for Galenika Drug Maker

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.