January 27 (SeeNews) - Bulgarian pharmaceuticals producer Sopharma [BUL:SFA] said on Friday that it has sought consent from the financial regulator to absorb its majority-owned local subsidiary Biopharm Engineering.
The deal was notified to the Financial Supervision Commission (FSC) after receiving approval from Sopharma's board of directors in October, the company said in a stock exchange filing.
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Sliven-based Biopharm Engineering produces infusion and injection solutions, veterinary medicines and immunological preparations. Sopharma, which first invested in the business in 2006, owned a stake of 97.15% at the time of announcing plans for the absorption.
Shares in Sopharma were trading 0.45% lower at 4.44 levs as at 1533 CET on Friday.
(1 euro = 1.95583 levs)