February 2 (SeeNews) - Bulgarian drug producer Sopharma [BUL:3JR] said on Thursday that its local peer Medica [BUL:5MA] has agreed to merge into the company.
Under the signed agreement, Medica shares will be converted into shares in Sopharma at a ratio 1 : 0.9486, Sopharma said in a bourse filing.
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Sopharma owned 97.96% of Medica as of September 30, 2016, according to Medica's Q3 2016 financial report.
The merger agreement is subject to approval of the Financial Supervision Commission.
Sopharma [BUL:3JR] shares were traded 2% higher at 3.32 levs ($1.83/1.7 euro) on Thursday by 15:15 CET, as 7,680 units changed hands on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)