{"id":565019,"date":"2021-03-14T13:40:46","date_gmt":"2021-03-14T13:40:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/"},"modified":"2021-03-14T13:40:46","modified_gmt":"2021-03-14T13:40:46","slug":"gsk-is-staying-put-for-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/","title":{"rendered":"GSK is staying put \u2014 for now"},"content":{"rendered":"

<\/a> GSK puts Egypt exit on the backburner:<\/strong> GlaxoSmithKline has shelved plans to sell its units in Egypt and Tunisia following the breakdown of talks with UK-listed Hikma Pharma<\/a>, the company said in a disclosure (pdf)<\/a> to the EGX today. The pharma giant initially wanted to sell its entire 91.2% stake in its Egypt-based pharma and manufacturing business, but said today that it is backing out of a sale. \u201cGSK\u2019s shareholders\u2019 immediate focus is stabilising the operations of our company and the supply of meds and consumer healthcare products to our patients,\u201d it said.<\/p>\n

Acdima asked on 10 March to start due diligence <\/strong>on GSK\u2019s Egypt operations, but GSK said in a separate statement (pdf)<\/a> that its global parent company \u201cis not willing to sell its shares in GSK SAE and therefore is not engaging in any sale process with any party at this time.\u201d Still, GSK\u2019s local board is meeting today to discuss the matter and will \u201cannounce its decision on Monday, 15 March 2021,\u201d the statement said. Hapi Journal<\/a> reported this morning that Acdima was planning to submit a bid this month.<\/p>\n

This comes a few days after GSK and Hikma announced they had ended talks without an agreement.<\/strong> GSK chose to pursue talks with Hikma back in January, rejecting advances from Egyptian pharma companies Acdima<\/a> and Rameda<\/a>. Neither company has disclosed why the talks broke down.<\/p>\n","protected":false},"excerpt":{"rendered":"

GSK puts Egypt exit on the backburner: GlaxoSmithKline has shelved plans to sell its units in Egypt and Tunisia following the breakdown of talks with UK-listed Hikma Pharma, the company said in a disclosure (pdf) to the EGX today. The pharma giant initially wanted to sell its entire 91.2% stake in its Egypt-based pharma and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10045],"tags":[3706,633,1076,575,7128,427,449],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565019","post","type-post","status-publish","format-standard","hentry","category-speed-round-ma-watch","tag-acdima","tag-enterprisepm","tag-glaxosmithkline","tag-hikma-pharma","tag-ma-watch","tag-pharma","tag-rameda-pharma","wpautop","entry"],"acf":{"mongo_id":"890946f1-0590-4d05-a8e7-3114087b0939","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565013],"teaser":"","voice_url":""},"yoast_head":"\nGSK is staying put \u2014 for now - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GSK is staying put \u2014 for now\" \/>\n<meta property=\"og:description\" content=\"GSK puts Egypt exit on the backburner: GlaxoSmithKline has shelved plans to sell its units in Egypt and Tunisia following the breakdown of talks with UK-listed Hikma Pharma, the company said in a disclosure (pdf) to the EGX today. 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GSK said the decision is meant to minimize disruption to the business and save time and resources that would\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559722,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/a-bidding-war-for-gsks-egyptian-arm\/","url_meta":{"origin":565019,"position":2},"title":"A bidding war for GSK\u2019s Egyptian arm?","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"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. 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Acdima submitted the request last week following the breakdown of talks between GSK and the UK\u2019s Hikma Pharma.This\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559757,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/rameda-throws-its-hat-in-the-ring-for-gsks-egypt-business\/","url_meta":{"origin":565019,"position":4},"title":"Rameda throws its hat in the ring for GSK\u2019s Egypt business","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"Ladies and gentlemen, we have a good, old-fashioned bidding war: Rameda Pharma is the latest to show interest in GlaxoSmithKline's Egypt business, joining LSE-listed Hikma Pharma and pharma industry investor Acdima \u2014 who are both planning their own bids. 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