SPIMACO extends deadline to buy 68% of Osmopharm, exit SPIMACO Misr

Logo of Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO)

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) announced the latest developments on the sale and purchase agreements (SPAs) signed with some shareholders to acquire 68% of Osmopharm and divest a 76.4% stake in SPIMACO Misr for Pharmaceutical Industries (SPIMACO Misr) via a share swap and a cash consideration. 

In a statement to Tadawul, the company pointed out that the deal parties agreed to extend the deadline for completing the acquisition by 12 months to Nov. 30 (from Nov. 14, 2023).

For More Mergers and Acquisitions

The total value of the transaction is unchanged at SAR 16.1 million.

In case the necessary conditions for the deal are not satisfied, any party has the right to terminate the transaction.

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.