Petrovax-Frontier announces agreement on Galenika privatization – Information about potential termination of process “disappointing”

The consortium Petrovax-Frontier Pharma reported on Sunday, February 12, 2017, that it was close to reaching an agreement with the state and the banks about the privatization of Galenika and that the information about a potential termination of the process was disappointing.

– The recent events related to the potential termination of the process of the privatization of Galenika are unexpected and disappointing. We have invested a lot of time, money and effort in the past nine months in order to reach this late phase in the transaction and we are very close to reaching an agreement with the state and the banks – the report says.

The consortium says that it is still committed, as always, to cooperating with Serbia to the end of completing the transaction which, as they point out, they believe is in the best interest of the company, its workers and patients who rely on its products every day.

As stated, the consortium has an ambitious plan by which Galenika would transform into the leading pharmaceutical producer in the region.

– We have a management team consisting of world-class professionals, capable of realizing this strategy. In the first phase, we are planning to invest up to EUR 30 million in enhancing the quality, the technological modernization and the development of new products, which would enable Galenika to secure high quality products at affordable prices for the Serbian market – the report says.

At the same time, the consortium points out that they have strong ties to global pharmaceutical companies, which they intend to use to the full extent so as to expand Galenika's range of products and meet the need for unavailable medicaments.

– We are also in a very good position to support Galenika in becoming the leading exporter to several big and developed markets, as well as in fast growing, emerging markets, from our local markets in the UK and Russia/CIS to Turkey and Africa – the British-Russian consortium says.

Petrovax-Frontier Pharma points out that they take care of their workers and that employee advancement and welfare are the backbone of the development strategy.

– Our development plans would enable Galenika to increase the number of employees in the medium-term and secure their expertise through thorough training and development programs. Our goal is to become one of the best employers in Serbia through the development of new talents and bringing back top scientists who have left Galenika in the past decades and gone abroad – the consortium points out.

Petrovax-Frontier Pharma points out that, of all the options available to Galenika at the moment, reaching an agreement with the consortium is by far the best one for its long-term sustainability and growth.

– We are looking forward in advance to the continuation of our productive negotiations with Serbia and the opportunity to transform Galenika into a world-renowned pharmaceutical company – the report concludes.

Galenika a.d. Beograd

Petrovax

Frontier Pharma

privatization of Galenika

sale of Galenika

pharmaceutical products manufacture

pharmaceutical drugs manufacture

export of pharmaceutical drugs

export of pharmaceutical products