2nd Jul 2009 09:04
Issued: Thursday 2nd July 2009, London UK
GSK further extends its product portfolio in the Middle East and North Africa
GlaxoSmithKline plc (GSK) today announced that it has acquired the branded generics business of Bristol Myers Squibb (BMS) in Lebanon, Jordan, Syria, Libya and Yemen for a cash consideration of $23.2m (£14.2m). The business comprises a portfolio of 13 branded pharmaceuticals with annual sales in 2008 of $11.8m. This purchase is another step forward in GSK's strategy to accelerate growth in emerging markets and signals a strong commitment to provide quality medicines to patients in the Middle East and North Africa.
This acquisition builds upon GSK's previous purchases of mature branded products in 2008 from BMS in Pakistan and Egypt, which included a high quality manufacturing plant in Giza, Greater Cairo. BMS will continue to supply the products acquired today until 2011 when it is anticipated that manufacture will transfer to GSK's Giza plant.
GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com
S M Bicknell
Company Secretary
2 July 2009
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Cautionary statement regarding forward-looking statementsUnder the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK' s operations are described under 'Risk Factors' in the 'Business Review' in the company' s Annual Report on Form 20-F for 2008. |
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