Please login to the form below

Not currently logged in
Email:
Password:

GSK acquires Argentine firm

GSK has announced the acquisition of Argentine pharmaceutical company, Laboratorios Phoenix as it seeks to expand in Latin America

GlaxoSmithKline (GSK) has announced the acquisition of Argentine pharmaceutical company, Laboratorios Phoenix, as it seeks to expand its business in Latin America.

The deal will see GSK pay Phoenix $253m to gain full ownership of the company, gaining access to a large portfolio of branded generic pharmaceutical products. These include anti-inflammatory Causalon (sodic naproxeno) and diuretic, Normatal (espironolactona).

The rights to a manufacturing facility near Buenos Aires will also be attained by GSK, as well as an extensive local pipeline of branded generics in development in Argentina.

"This is an important step forward in our strategy to grow our business in Latin America; a key group of emerging markets for GSK," said Abbas Hussain, president of Emerging Markets, GSK.

"By acquiring Phoenix, we will rapidly expand our presence in the fast growing Argentine market."

Argentina is seen as an important country for pharmaceutical companies seeking to expand into emerging markets, with a total market value of $3bn and a growth rate of 22 per cent according to IMS.

GSK Argentina reported total sales of around £100m in 2009 across all its divisions, and is ranked at 14 in the pharmaceutical market in Argentina. Phoenix is currently ranked eighth with sales of around £70m in 2009.

Phoenix and GSK Argentina will stay as two separate legal entities after the acquisition, with Phoenix operating under its own name.

11th June 2010

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Weber Shandwick

At Weber Shandwick, engagement has always been the cornerstone of health communications.We make health matter. Health is a basic human...

Latest intelligence

EU
Innovation in merger control and the impact on the pharmaceutical sector
Is focusing on pipeline products enough to assess regulatory risks?...
Nudge-nudge, think-think
Chris Ross examines the personal complexities of human behaviour – and explains why fun, emotion and peer endorsement could be key to designing effective behavioural change programmes...
Peoples Award
Quality in Care Diabetes 2018: the best in innovative diabetes care
Awards highlight new evidence-based approaches to improving care...

Infographics