Egyptian pharmaceutical company RMDA has submitted a non-binding letter of intent to acquire the GlaxoSmithKline unit in Egypt.
According to a statement from the company, RMDA indicated its intention to conduct comprehensive due diligence on the legal, commercial, financial, and operational aspects. The RMDA stock closed at $0.22, down 0.56%, while GlaxoSmithKline's stock jumped by the maximum of 10% to $1.80. British GlaxoSmithKline Limited holds a 91.2% stake in the company’s unit in Egypt, which is currently up for sale.
