GlaxoSmithKline acquires shareholding in Aspen
12 May 2009 00:00 in Pharmaceutical Company Financials
GlaxoSmithKline has agreed to acquire a 16 per cent shareholding in Aspen Pharmacare Holdings.
This deal with the South Africa-based company will involve the transfer of certain assets in exchange for 68.5 million new shares.
Eight specialist medicines will be given to Aspen by GlaxoSmithKline, as well as a manufacturing facility located in Germany.
The products include Kemadrin, Lanvis and Trandate. Total sales of the medicines that are to be transferred totalled 56 million pounds last year.
GlaxoSmithKline president of emerging markets Abbas Hussain said the strategic relationship will help the company's aim to accelerate growth, as it has commercial activities in sub-Saharan Africa.
He described this combination as "highly complementary ... [the deal] will mean that together we can provide more medicines of value to more patients in these countries".
Other regions in which Aspen operates include Mauritius, Brazil, Mexico and Kenya.
The company is the largest pharmaceutical manufacturer in Africa.
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Story collated for Zenopa by the Adfero News Agency