Rameda joins race to buy GlaxoSmithKline assets in Egypt

Egypt’s Rameda Pharmaceutical said on Tuesday it had submitted a non-binding letter of intent to purchase GlaxoSmithKline’s stake in Egypt (GSK Egypt), pitting it against Acdima – Egypt and Hikma Pharmaceuticals, who are also potential bidders.

Rameda is seeking to acquire Glaxo Group Limited’s 91.2 percent stake in GSK Egypt.

The company plans to conduct a due diligence process, the results of which will form the basis for further discussions with GSK.

On Monday, 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) according to a bourse filling.

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.