Cairo – Mubasher: Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) retracted its offer to acquire the shares of Galxo Group Limited in Glaxo SmithKline (GSK Egypt), according to a bourse disclosure on Tuesday.

This announcement follows the decision of Galxo Group Limited that rejected talks with Rameda and Arab Company for Drug Industries & Medical Appliances (ACDIMA) for the acquisition of its Egyptian arm.

As the diligence process and negotiations consume significant resources and time, the majority shareholder decided to focus its efforts and resources on discussing the deal with Hikma Pharmaceuticals in the current time.