October 18 (SeeNews) - Serbia's government is due to begin negotiations with a consortium of Britain's Frontier Pharma Limited and Russian LLC NPA Petrovax Pharm for the sale of 25% of drug maker Galenika on October 24, according to Serbian media repors.
The deadline to reach an agreement is 90 days, RTS broadcaster reported on Monday.
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The British-Russian consortium has offered 7 million euro ($7.7 million) for 25% of Galenika. It was the only bidder left in the race after the bids submitted by India's Cadila Pharmaceutical and Brazil's EMS SA were deemed invalid over procedural issues.
The Serbian government controls 70% of Galenika.
($=0.907639 euro)