Serbia picks Valeant as sole bidder for drugmaker Galenika

Deals

The US unit of Canada’s Valeant Pharmaceuticals International Inc is the only potential bidder for Galenika AD, the Balkan country’s state-owned drugmaker, the government said. Valeant Pharmaceuticals North America Llc is the only one of five companies to meet all the criteria set in a tender launched on Jan. 15, the Finance and Economy Ministry said Friday. Four other companies expressing interest include Supply Chain Strategies International Llc, US-based MP Biomedicals, the Batterjee Pharmaceutical Factory from Saudi Arabia and Croatia’s Belupo DD, it said. Valeant has until April 30 to indicate its intentions and proposals for Galenika, the unprofitable state-owned drugmaker that reported a RSD 13.5 billion ($157.8 million) net loss in 2011. Galenika has around €170 million ($222.2 million) in accumulated losses, Finance Minister Mladjan Dinkic said in December.

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