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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

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