ArabFinance: Tenth of Ramadan for Pharmaceuticals Industries and Diagnostic Reagents (Rameda) (RMDA) announced withdrawing its offer to acquire 91.2% of the share capital of Glaxo SmithKline (GSK - Egypt) (BIOC), the listed Egyptian subsidiary of GlaxoSmithKline plc group of companies (GSK Group), according to the companys February 9thstatement filed to the Egyptian Exchange.
The move follows Glaxo Group Limiteds announcement that the potential transaction is complex and negotiations will consume significant resources and time from the majority shareholder.
Earlier, Rameda submitted a non-binding letter to acquire the capital shares of GSK Egypt.
Rameda reported a 117% Year on Year leap in its consolidated net profit in the first nine months of 2020, recording EGP 68.66 million, compared to EGP 31.61 million in the same period a year ago.
Rameda is an Egypt-based pharmaceutical company that manufactures both human and veterinary pharmaceuticals. It operates three fully independent factories at its plant, including 20 production lines capable of producing a wide range of general medicinal forms, namely eye drops, solid dosage forms, syrups, blow-fill-seal, and lyophilized vials, among others.
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