Cairo – Mubasher: Galxo Group Limited signed a non-binding term sheet with Hikma Pharmaceuticals Plc for the potential sale of its entire stake of 91.2% in Glaxo SmithKline (GSK Egypt).

The acquisition will be implemented by submitting a mandatory tender offer for 100% of the shares of the company, GSK Egypt said in a bourse disclosure on Tuesday.

The deal is still pending the completion of satisfactory due diligence, the signing of definitive and binding legal documents, and obtaining approvals from regulatory authorities.

The transaction will include the pharmaceuticals and consumer healthcare business in Egypt and the pharmaceuticals business in Tunisia.

During the first nine months of 2020, GSK Egypt reported net profits of EGP 101.41 million, up from EGP 67.03 million in the corresponding period a year earlier.