June 7 (SeeNews) - Bulgarian drug producer Sopharma [BUL:3JR] said its shareholders have approved a proposal to merge local peer Medica [BUL:5MA] into the company.
The approval has been granted at a general meeting of Sopharma shareholders held on June 2, Sopharma said in a bourse filing on Tuesday.
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In April, Sopharma said it had received a regulatory approval to absorb Medica. Under the signed agreement, Medica shares will be converted into shares in Sopharma at a ratio 1 : 0.8831, Sopharma said at the time.
Sopharma owned 97.96% of Medica as at end-2016, according to Medica's annual financial report.
As at 12:40 CET on Wednesday, Sopharma shares were traded 1.12% higher at 4.35 levs in a volume of 30,736 units.
(1 euro = 1.95583 levs)