6/11/2013 7:14:57 AM
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Canada's Valeant (VRX.TO) has pulled out of a possible bid for a Serbian drug company in the wake of its $8.7 billion purchase of contact lenses maker Bausch & Lomb.
Citing last month's acquisition deal, as well as the hostility of local unions towards the purchase of Galenika Pharmaceuticals, Valeant Pharmaceuticals International Inc said it had decided not to follow up its letter of intent relating to the company's privatization.
The decision leaves Serbia with a problem, since Valeant was the only declared bidder for Gelenika, whose planned sale is part of the Socialist-nationalist government's deficit-cutting efforts.
Belgrade is trying to sell a number of bloated, loss-making state enterprises, including Galenika, to ease the burden on its budget, which the government puts at 4.6 percent of gross domestic product this year, and to reduce debt seen at 65 percent of GDP in 2013.
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