Sopharma seeks shareholder nod to absorb Veta Pharma

At the end of 2023, Sopharma held a stake of 99.98% in Veta Pharma, the drug maker said in a bourse filing on Thursday.

The contract for the absorption was signed on January 16, 2024. The proposal will be put to the vote at an extraordinary general meeting of shareholders scheduled for August 9.

Sopharma first invested in Veliko Tarnovo-based Veta Pharma in 2016, when it acquired a 68% stake. Veta Pharma, founded in 1999, manufactures non-sterile medicinal products, including powdered products, skin solutions and tinctures for oral use, according to its website.

Veta Pharma's equity capital is divided into 4.54 million shares of 1 lev ($0.55/0.51 euro) in par value each, commercial register data show.

Last year, Sopharma's investors gave the green light to the absorption of the company's majority-owned subsidiary Biopharm Engineering.

As of 1008 CEST on July 5, shares in Sopharma traded flat at 5.92 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)