A bidding war for GSK’s Egyptian arm?
Acdima may have just touched off a bidding war for GlaxoSmithKline's Egypt business, according to a regulatory filing (pdf) yesterday, less than a week after the global player revealed that Hikma was interested in a transaction. Acdima, a pharma industry investor focused on Arab countries, plans to make an offer for GSK’s 91.2% stake in its Egypt commercialization and manufacturing business through its Egypt arm, the British giant said.
The race began last week, when GSK said that it had signed a non-binding agreement with LSE-listed Hikma Pharma ahead of a potential sale. Hikma would lodge a mandatory purchase offer for the remaining 8.8% stake not owned by GSK should its board approve due diligence. The agreement also allows Hikma to potentially buy out GSK’s Tunisia operations.