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Hikma Pharmaceuticals allowed to conduct due diligence on GSK Egypt

Hikma Pharmaceuticals allowed to conduct due diligence on GSK Egypt
Hikma Pharmaceuticals signed non-binding deal to acquire GSK Egypt
Glaxo SmithKline
BIOC
-5.34% 26.15 -1.43
Hikma Pharmaceuticals
HIK
-6.11% 19.20 -1.25

Cairo – Mubasher: The board of directors of Glaxo SmithKline (GSK Egypt) agreed to allow Hikma Pharmaceuticals Plc to conduct due diligence on the company, according to a bourse disclosure on Wednesday.

On Tuesday, the company said that its majority shareholder Glaxo Group Limited signed a non-binding term sheet with Hikma Pharmaceuticals Plc for the potential sale of its entire stake of 91.2% in GSK Egypt.

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.