Invitation to prospective strategic partners for Galenika - Bids accepted by March 18th

The government has published an international public invitation to investors interested in a strategic partnership with the Galenika pharmaceutical company, Tanjug news agency has reported.

The invitation is asking the interested parties to deliver letters of intent.

Potential strategic partners can apply by February 18, whereas the deadline to submit letters of intent is 4 PM on March 19th, the Ministry of Finance and Economy has said.

- The Serbian government decided to take the letter of intent route instead of a standard tender sale because this allows us to find the right solution for Galenika and show all potential partners that we are willing to listen, be flexible and together get Galenika back on the road to success - said the ministry.

Interest in the company certainly exists and the ministry believes it will receive one or more solid offers from renowned strategic partners.

Companies that have been operating in the pharmaceutical industry for the past five years and recorded a revenue exceeding EUR 200 million in 2011 are eligible to participate.

In the first stage, the ministry expects all interested investors to apply, collect preliminary information about Galenika and propose their own privatization model.

After this, depending on the number of offers, the government will choose the best model - one that is practicable and realistic.

The public invitation was published in the London Financial Times and the Belgrade Politika, as well as on the websites of the Ministry of Finance and Economy and the Privatization Agency.