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Serbia Extends Bids Deadline for Galenika Drugmaker

April 1 (Bloomberg) -- Serbia extended by a month to April 30 the deadline for potential investors to place bids for Galenika AD, an unprofitable state-owned pharmaceutical company.

The Finance and Economy Ministry is giving investors another month to propose a “privatization model” as the government seeks to turn around the money-losing drugmaker, the ministry said on its website over the weekend. This is the second extension since offers were first invited on Jan. 15. The previous deadline was today.

The government is looking for a partner in Galenika among international pharmaceutical companies active in the industry for at least five years and with operating revenue of more than 200 million euros ($256 million) in 2011.

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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