October 26 (SeeNews) - Bulgarian pharmaceuticals producer Sopharma [BUL:SFA] said on Wednesday that it plans to absorb its local subsidiary Biopharm Engineering, which it controls with a stake of 97.15%.
The transaction is being kicked off after it was granted approval by Sopharma's board of directors, the drug maker said in a bourse filing.
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Sopharma first invested in Sliven-based Biopharm Engineering in 2006. The subsidiary produces infusion and injection solutions, veterinary medicines and immunological preparations. Biopharm Engineering, which in 2020 won two contracts worth 3 million levs ($1.5 million/1.5 million euro) combined from the Bulgarian Food Safety Agency, also has a laboratory for veterinary and sanitary inspection and animal disease diagnostics.
(1 euro = 1.95583 levs)