GlaxoSmithKline said on Wednesday its board of directors has allowed Hikma Pharmaceuticals, which is interested in buying its stake in some assets in Egypt and Tunisia, to undertake due diligence.
The company further revealed in a bourse filling that its majority shareholder Glaxo Group Limited signed a non-binding term sheet with Hikma for the potential sale of its entire stake of 91.2 percent in GSK Egypt.
On Tuesday, Hikma Pharmaceuticals announced intentions to buy GlaxoSmithKline’s stake in some assets including the drugmaker’s pharmaceutical, consumer commercialisation, and manufacturing business in Egypt and its drugs business in Tunisia.
The British drugmaker also said it had entered into a non-binding term sheet with GlaxoSmithKline to proceed with the acquisition plan.
