Deadline for privatization of Galenika extended – Additional three months for negotiations with Frontier and Petrovax

The deadline for negotiations about Galenika's strategic partner has been extended by three months, stated Minister of Economy Goran Knezevic on Thursday, December 22. He pointed out that he was optimistic that the privatization would be completed within the deadline.

– The negotiations are going well. Certain technical problems are yet to be solved, above all with commercial banks which are creditors for a part of the claims – Knezevic said to the press.

The sale of 25% stock of Galenika is being negotiated with the British-Russian consortium Frontier Pharma Limited and LLC NPA Petrovax Pharm, the only bidder to have met all the conditions.

The consortium offered the requested minimum price of EUR 7 million and is prepared to keep 700 of the 1,400 Galenika workers.

The negotiations about the strategic partnership for Galenika started on October 24 and were supposed to be completed within 90 days.

Galenika a.d. Beograd

Ministarstvo privrede Republike Srbije

privatization of Galenika

sale of Galenika

negotiations about Galenika strategic partnership

Goran Knezevic

Frontier Pharma Limited

LLC NPA Petrovax Pharm