Acdima expressed interest in buying majority stake in GlaxoSmithKline Egypt

Arab Company for Drug Industries and Medical Appliances (Acdima – Egypt) expressed an interest in acquiring GlaxoSmithKline’s stake in Egypt, said GlaxoSmithKline Egypt (GSK Egypt) in a bourse filling on Monday.

Glaxo Group Limited is a majority shareholder, having a 91.2 percent stake in GSK Egypt.

GSK Egypt reported a 51.2 percent year-on-year growth in its net profit to 101.41 million Egyptian pounds ($6.45 million) for the first nine months of 2020.

The company’s sales also rose to 1.42 billion billion in the nine-month period ended on 30 September 2020, compared to 1.19 billion pounds in the same period in 2019.

In January, Hikma Pharmaceuticals announced plans to buy GlaxoSmithKline’s stake in some assets including the drugmaker’s pharmaceutical, consumer commercialisation, and manufacturing business in Egypt and its drugs business in Tunisia.

A day later, GSK Egypt said in a bourse filling that its board of directors has allowed Hikma Pharmaceuticals to undertake due diligence. It added that its majority shareholder Glaxo Group Limited signed a non-binding term sheet with Hikma for the potential sale of its entire stake of 91.2 percent in GSK Egypt.