Hikma, GlaxoSmithKline cease talks over potential deal to buy Egypt, Tunisia assets

GlaxoSmithKline said on Thursday that its majority shareholder Glaxo Group Limited and Hikma Pharmaceuticals have agreed to cease discussions about the potential acquisition of GSK’s assets in Egypt and Tunisia.

As a result, Hikma will not be launching a mandatory tender offer process to acquire shares in these assets, GSK said in a bourse filling.

“GSK and Hikma Pharmaceuticals … have agreed to cease discussions in connection with a potential acquisition of GSK’s pharmaceutical and consumer businesses in Egypt and GSK’s pharmaceutical business in Tunisia, including the Mandatory Tender Offer for our company,” GSK statement read.

“and accordingly, Hikma will not launching a Mandatory Tender Offer process to acquire the shares in our company.  The Majority Shareholder (Glaxo) has informed us that it will now review its strategic options for these businesses.”

In January, Hikma Pharmaceuticals announced plans to buy GSK’s pharmaceutical, consumer commercialisation and manufacturing business in Egypt as well as its drugs business in Tunisia.