Tenders invited to recapitalize Galenika - Bids accepted until May 4th

Serbia's Economy Ministry today invited tenders from Galenika's prospective strategic partners for the acquisition of a 25-percent stake in that Belgrade-based pharmaceutical company through recapitalization.

The selected strategic partner will be obligated to provide minimum five experts to manage Galenika during the term of strategic partnership, and each of these experts must have minimum 10 years of working experience with five years spent in managerial positions at pharmaceutical companies.

Tenders can be submitted by all companies or consortiums that either generated a revenue of minimum 50 million euro in 2015 or possess the assets whose value exceeds EUR 100 million.

The lowest possible amount of cash that can be offered for recapitalization and the acquisition of a 25-percent stake in Galenika is EUR 7 million.

The deadline to submit applications for participation in this tendering process is May 4th, and all interested companies are to pay a deposit of EUR 100,000.

Galenika's owners are Serbia (70%), the Share Fund (15%) and other shareholders (15%).

Galenika is on the list of companies undergoing restructuring whose protection from creditors expires May 31st. The debts of this company have exceeded EUR 200 million.