GlaxoSmithKline (GSK - Egypt) (BIOC) said the Hikma Pharmaceuticals would not submit a Mandatory Tender Offer (MTO) to acquire GSK-Egypt, according to the company’s statement to the Egyptian Exchange.

Hikma Pharmaceuticals intends to buy Glaxo Group's 91.2% stake in GSK-Egypt.

GSK Egypt announced that the majority shareholder, Glaxo Group Limited, commented on the proposal submitted by ACDIMA Egypt Rameda regarding the potential acquisition.

GSK Egypt, a member of the British pharmaceutical company Glaxo Group, is an Egypt-based company engaged in the manufacture, packaging, marketing, sale, and distribution of pharmaceutical products.