A day before Sofia-based Sopharma took off the table its bid for a 50% stake in Serbian peer Srbolek, businessman Jovica Stefanovic Nini managed to acquire on the Belgrade stock exchange half of the company targeted for acquisition by the Bulgarian pharmaceuticals maker. Over the last couple of days, Nini, owner of Nis-based drug company Jugoremedija, has racked up 53,768 Srbolek shares, exceeding the threshold of 477,537 shares that equals 50% of the issued stock. Although the ownership change is yet to be recorded by Serbia's Central Register, Nini convened the Srbolek managing board on Wednesday and appointed a new director. Srbolek fell to 1,450 dinars on the Belgrade bourse on Thursday which meant that some of the minority shareholders could take Sopharma up on its bid price of 1,401 dinars, ensuing that the Bulgarian company acquire a substantial minority interest. Earlier this week, Sopharma improved its offer from 10.5 to 16.27 euro. That bid expired on December 1. If the offer was accepted, the Bulgarian firm had vowed to invest 20 mln euro in the relocation of the Srbolek factory, the development of new products and the creation of 100 new jobs. The Srbolek management, trade unions and the association of minority shareholders had backed the Sopharma bid, endorsing the Bulgarian suitor as a good fit for a strategic partner. Srbolek, Serbia's no.3 drug maker, owns production and commercial facilities in Belgrade and operates 7 regional warehouses throughout Serbia and Montenegro. Unlike Bulgaria, Serbia does not bar companies from simultaneously manufacturing and distributing medicines. The acquisition would have given Sopharma access to the Serbian drug market which is regulated by protectionist policies and foreign pharmaceutical companies have very limited opportunities for business.