Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) submitted a non-binding letter expressing interest to acquire more than 90% of GlaxoSmithKline Egypt.
The company released a statement early February announcing the move. GSK Egypt is a listed subsidiary of GSK Group on the Egyptian exchange.
Rameda has had a great year profit wise in 2020 recording a 117% YOY increase. The company, in the first 9 months of 2020 recorded a net profit of more than EGP 68 million, compared to EGP 32 million in the same period of 2019.
Rameda was established in 1986 and it is a well-established name in the pharmaceuticals field as well as food supplements and veterinary pharmaceuticals.
The decision is subject to approval from the board of directors of GSK Egypt.