Egyptian pharmaceutical company Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) has granted preliminary board approval for the proposed acquisition of 100% of the share capital of Art Pharma.
According to a company statement reported by Reuters on Monday, the proposed transaction will be carried out through a share-swap arrangement, under which Art Pharma shareholders will receive newly issued shares in Rameda.
The preliminary approval marks a step towards the proposed acquisition, although further details of the transaction, including its financial terms and completion timeline, were not disclosed in the brief.
The deal would bring Art Pharma entirely under Rameda's ownership if completed, potentially expanding the company's pharmaceutical business and market presence in Egypt.
Source: Reuters
