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GSK expands Egypt exposure with $210m buy
Mon, 01 Dec, 2008
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GSK expands Egypt exposure with $210m buy
Wed, 15 Oct 2008, 15:05:00
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Pharmaceuticals giant GlaxoSmithKline said it will accelerate sales growth and further extend its pharmaceutical portfolio in emerging markets by acquiring the Egyptian mature products business of Bristol Myers Squibb for $210m.<br /><br />As a result of the acquisition, GSK will become the leading pharmaceutical company in Egypt with a market share of approximately 9%. <br /><br />It will acquire 20 branded products. The acquisition will also enable GSK to export generic versions of the acquired products to markets outside of Egypt. <br /><br />"This acquisition is an important step forward in GSK's strategy to accelerate sales growth in emerging markets," said Abbas Hussain, President Emerging Markets GSK.<br /><br />"It will enable us to build and diversify our existing branded pharmaceuticals portfolio and signals our strong commitment to provide quality medicines to patients in Egypt and other countries in the Middle East and North Africa region," he added.<br />
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