No purchaser interested in Jugoremedija – Second attempt at sale of Zrenjanin pharmaceutical company falls through

As no one expressed interest in taking part in the auction by paying the deposit and buying out the documentation before the deadline of August 2, the second attempt at a sale of Zrenjanin-based pharmaceutical factory Jugoremedija in bankruptcy has fallen through, Novosti learns.

– I will officially pronounce the sale unsuccessful on Monday, August 6. It remains for me to agree with the board of creditors on the further steps, as well as the manner of monetizing the property of the bankruptcy debtor, so that the creditors’ claims would be settled – confirmed the bankruptcy supervisor, Radovan Savic.

After the Commercial Court of Zrenjanin stopped the sale of the ruined company last autumn, having estimated that it was premature, the first ad, placed last summer, proved unsuccessful, as there had been no interested purchasers. The ad was repeated with unchanged terms. Jugoremedija was offered as a legal entity, with its property estimated at nearly RSD 3.9 billion.

In addition to the real estate, the equipment and the machinery, the property on offer contains a lawsuit for the recovery of the permits for the marketing of 22 products against Novi Sad’s Union Medic. These include nine trademarked medical products and 13 generic ones, for which Jugoremedija owns the entire technological procedure. They were acquired by the Novi Sad-based company while it was renting the facility in Zrenjanin. The company now refuses to give back the permits.

– The permits are this factory’s most valuable piece of property and no one needs Jugoremedija without them. We have been emphasizing this since we started looking for an owner of this sole remaining non-privatized Serbian pharmaceutical company – Vladimir Pecikoza, the president of the board of creditors, told Novosti.

He says that the board will fight the devaluation of Jugoremedija with all its might. They also expect the state, which owns 47% of the factory’s capital, to take a more active role in this.

Jugoremedija a.d. Zrenjanin

Union-medic Novi Sad

Privredni sud u Zrenjaninu

sale of Jugoremedija

privatization of Jugoremedija

production of medical drugs

production of medicaments

production licenses of Jugoremedija

medicines

medicaments

medicine factory

production of pharmaceutical products

permit for marketing of medicines

Radovan Savic

Vladimir Pecikoza