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GSK strengthens emerging markets portfolio with acquisition in Egypt
Friday 17 October 2008
Simon Varcoe - Reporter
GlaxoSmithKline is to buy Bristol-Myers Squibb's mature products business in Egypt for $210 million in a deal that will see GSK become the leading pharmaceutical company in the country, with a market share of around 9%.
GSK will acquire 20 products in four therapeutic areas in Egypt, including the antibiotic Duricef (cefadroxil), the ACE-inhibitors Capozide (captopril and hydrochlorothiazide) and Capoten (captopril), and Kenacomb (triamcinolone acetonide), a topical steroid. Sales of these products in Egypt were $48.5 million last year. GSK will also acquire BMS's manufacturing facility in Giza, which will be used to continue the supply of the acquired products...
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