UP Pharma is still studying EIPICO’s takeover bid: Upper Egypt Pharma (UP Pharma) has not yet given Egyptian International Pharma Industries Company (EIPICO) the greenlight to conduct due diligence after it signaled intent to acquire 99.99% of the company’s shares in May, EIPICO said in an EGX disclosure (pdf). UP Pharma is still studying the offer, the disclosure said.

Refresher: EIPICO’s board had approved the start of procedures to potentially acquire a 99.9% stake in UP Pharma in late May. Both firms are owned by the Arab Company for Drug Industries and Medical Appliances (ACDIMA), and the transaction would see EIPICO snag ACDIMA’s stake in UP Pharma to bring it under its umbrella.

OTHER M&A NEWS- Obourland has not received any interest or formal acquisition offers from Emirati food and beverage firm Agthia Group, the company said in an EGX disclosure (pdf) yesterday. The denial followed reports in the local press that the ADQ-owned firm is interested in purchasing Obourland and plans to submit a non-binding offer as soon as it concludes its acquisition of Auf Group. Agthia also denied the news to Bloomberg Asharq.