Serbia on Tuesday extended for another month a deadline for offers for its indebted state-run drugmaker Galenika Pharmaceuticals, with the U.S.-based unit of Canada's Valeant Pharmaceuticals International so far the only potential partner. The finance ministry said the new deadline was 4 p.m. (1400 GMT) on May 31, the third extension since offers were first invited on Jan. 14.With a workforce of 2,700, the Belgrade-based Galenika has accumulated debt of about 170 million euros ($223 million), and needs about 50 million euros in additional capital in 2013.Its sale is part of an effort by the government to offload a number of bloated, loss-making state enterprises to ease the burden on its budget.Earlier in April, the finance ministry said the U.S.-based unit of Valeant was the only potential partner so far, having met all the conditions of the tender.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX remained unchanged at $75.94. In the past year, the shares have traded as low as $42.47 and as high as $76.57. On average, 1367630 shares of VRX exchange hands on a given day and today's volume is recorded at 0.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 3.27% or $2.43/share to $76.83. In the past year, the shares have traded as low as $43.99 and as high as $77.70. On average, 418571 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 0.
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