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Glaxo Group plans to sell Egypt unit

Glaxo Group plans to sell Egypt unit

ArabFinance: Hikma Pharmaceuticals intends to buy Glaxo Group's 91.2% stake in GlaxoSmithKline (GSK) Egypt, according to a statement filed to the Egyptian Exchange.

Glaxo Group and Hikma signed a non-binding term sheet for the potential acquisition, the statement highlighted.


The non-binding term sheet not only also includes Glaxo Group's pharmaceuticals and consumer healthcare investments, but also its drugs business in Tunisia.

The company earlier announced its plans for a merger with its subsidiary Amoun Pharmaceutical Company.

GSK Egypt, a member of the British pharmaceutical company Glaxo Group, is an Egypt-based company engaged in the manufacture, packaging, marketing, sale, and distribution of pharmaceutical products.


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