GlaxoSmithKline expands in the Middle East and north Africa
03 Jul 2009
GlaxoSmithKline (GSK) has bought the rights to pharmaceutical products in the Middle East and North Africa from one of its rivals in a deal worth around £14 million as it expands its portfolio in the regions.
The company made the deal with Bristol Myers Squibb and has now acquired its branded generics business in Jordan, Lebanon, Libya, Syria and Yemen for a fee of $23.2m (£14.2m).
It stated: "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."
It also said that the deal builds on other purchases in Pakistan and Egypt, which included a manufacturing plant in Cairo.
Bristol Myers Squibb will continue to manufacture the products until 2012 under the terms of the condition when production is likely to switch to GSK's Egyptian plant.
In other GSK news, the company has recently joined forces with Chroma Therapeutics to work on anti-inflammatory treatments.
