November 8 (SeeNews) - Bulgarian drug maker Sopharma [BUL:SFA] said that it has received clearance from the Serbian competition authority for the staggered acquisition of Serbian peer Pharmanova.
In the first stage of the transaction, Sopharma will take over 25% of Pharmanova's equity capital, the Bulgarian company said in a stock exchange filing on Tuesday.
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Sopharma agreed in July to acquire all of Pharmanova's shares within two years for an undisclosed amount, with 50% of the target company to be purchased next year.
Pharmanova manufactures generic and over-the-counter drugs, dietary supplements, ointments and medical devices for the markets of Serbia, Bosnia and Herzegovina, Montenegro and North Macedonia.
Last month, Sopharma posted a 62% annual jump in net profit to 38.4 million levs ($20.9 million/19.6 million euro) in the January-September period, mostly driven by exports.
As at 1133 CET on Wednesday, shares in Sopharma traded 0.55% lower at 7.20 levs on the Sofia bourse.
(1 euro = 1.95583 levs)