Five companies interested in acquiring Galenika

The negotiations about the sale of the pharmaceutical company Galenika have been going on for quite some time now with five companies expressing an interest in acquiring Galenika – the British-Russian consortium Frontier Pharma-Petrovax, Sinofarm, Amicus, Hemofarm and Brazil`s EMS.

The Ministry of Economy is probably going to launch a new public call for submission of bids in early September. Also, Galenika has interviewed its employees about voluntarily leaving a company with a severance pay.

“We have carried out a survey among our employees in line with the instructions that we got from the Ministry of Economy. The workers were not obligated to participate in it, and the main reason for the survey is to ascertain how many of them are willing to resign from the company with a severance pay. According to the information with got from the Ministry of Economy, each worker, should they decide to leave, would get 400 EUR per year of their work experience. Half of the money needed for disbursement of severance pay will come from the state, and half from the new owner of Galenika”, says Nedeljko Pantic, Director General of Galenika.

Also, the company has reached an initial agreement with the banks to settle the debt towards them in the amount of 71.74 million EUR with a one-off payment of 25 million EUR providing that Galenika is soon privatized.

On top of this, the pharmaceutical company owes around 110 million EUR to various public enterprises while its claims towards drug wholesalers are 120 million EUR.

The Serbian government is willing to sell a 90% share in Galenika once the debt situation with the company is resolved.

Nobody knows as yet how many workers are going to stay and how many are going to leave. The Ministry of Economy is currently working on deciding the minimum required number of employees, and following the talks with potential investors, this number should range between 700 and 900. Galenika currently has 1,400 employees.

(Vecernje Novosti, Politika, 10.08.2017)

This post is also available in: Italiano

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