Serbia Picks Valeant as Sole Bidder for GalenikaGordana Filipovic and Misha Savic
The U.S. unit of Canada’s Valeant Pharmaceuticals International Inc is the only potential bidder for Galenika AD, the Balkan country’s state-owned drug maker, the government said.
Valeant Pharmaceuticals North America Llc is the only one of five companies to meet all the criteria set in a tender launched on Jan. 15, the Finance and Economy Ministry said on its website today. Four other companies expressing interest include Supply Chain Strategies International Llc, U.S.-based MP Biomedicals, the Batterjee Pharmaceutical Factory from Saudi Arabia and Croatia’s Belupo DD, it said.
Valeant has until April 30 to indicate its intentions and proposals for Galenika, the unprofitable state-owned drugmaker that reported a 13.5 billion-dinar ($157.8 million) net loss in 2011. Galenika has around 170 million euros ($222.2 million) in accumulated losses, Finance Minister Mladjan Dinkic said on Dec. 14.
Serbia extended the tender for Galenika twice, awaiting proposals from international companies active in the industry for at least five years and with operating revenue of more than 200 million euros ($256 million) in 2011.