SPIMACO says deal to buy 68% of Osmopharm, exit SPIMACO Misr scrapped

Logo of Saudi Pharmaceutical Industries & Medical Appliances Corporation SPIMACO

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) announced an update on the Sale and Purchase Agreements disclosed on November 14, 2023, with the shareholders of Swiss pharmaceutical company Osmopharm S.A. (Osmopharm), involving the acquisition of a 68.0% stake in Osmopharm and divesting a 76.4% stake in SPIMACO Misr for Pharmaceutical Industries S.A.E. (SPIMACO Misr) through a combination of a share swap and cash consideration to be paid by SPIMACO.
 

The company said that the transaction agreement has been terminated by SIGMA Pharmaceuticals Industries (SIGMA) as not all approvals from regulatory authorities had been received by the deadline of Nov. 30, 2024.
 

For more news and details on M&As
 

As not all conditions precedent for completing the transaction had been met as not all needed approvals from regulatory authorities had been received, the transaction was terminated by SIGMA, as one of the relevant parties, the company further stated.
 

According to Argaam data, SPIMACO signed in November 2023 SPAs with SIGMA Pharmaceuticals Industries (SIGMA), Bruno Scapinelli and Ahmed Abd El Monem Aly Habib to acquire 68% of Osmopharm, while exiting a 76.4% stake in SPIMACO Misr.