Glaxo increases stake in drug maker to 19%

By Ben Hirschler | December 2, 2009, Wednesday |

Print Edition

GLAXOSMITHKLINE has taken a 19 percent stake in Africa's biggest generic drug maker, Aspen Pharmacare, after completing a strategic collaboration with the South African group, the companies said yesterday.

British-based Glaxo had originally said it would have a 16 percent holding when the deal was announced in May, but it has since bought additional Aspen shares.

The asset-swap deal expands Glaxo's emerging market presence - a key objective for chief executive Andrew Witty - and cements an existing relationship between the two businesses.

Aspen has issued 68.5 million new shares to Glaxo in exchange for Glaxo's manufacturing plant in Bad Oldesloe, Germany, and eight specialist medicines.

Taken together with Aspen shares bought by Glaxo between signing and closing, this issue takes Glaxo's holding in Aspen to 81.7 million shares, equivalent to 19 percent.

Abbas Hussain, Glaxo's head of emerging markets, will be appointed to Aspen's board as a non-executive director from next Monday.

Manufacturing

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Glaxo increases stake in drug maker to 19%

Email this to your friend