GSK says lifts Indian pharmaceutical unit stake to 75%

GlaxoSmithKline has lifted its stake in the group's Indian subsidiary to 75 percent, the British drugmaker said on Monday.

GSK said in a statement that it had increased its stake in publicly-listed GlaxoSmithKline Pharmaceuticals Limited from 50.7 percent in a deal worth about £625 million ($1.05 billion, 752 million euros).

"We are very pleased with the outcome of this transaction, which further increases our exposure to a strategically important market," said David Redfern, GSK's chief strategy officer.

"It is a significant vote of confidence in the future growth prospects of our pharmaceuticals business in India and underlines GSK's long-standing commitment to the country."

GSK had announced in December its intention to increase its to 75 percent, a level that allows the unit to continue trading on the Indian stock market.

add to favorites email to friend print save as pdf

Related Stories

GSK unveils expansion plans in India, Nigeria

Nov 26, 2012

British drugmaker GlaxoSmithKline said it intends to increase its holdings in its Indian and Nigerian divisions, as part of a long-term strategy to expand into emerging markets, in a statement on Monday.

GSK says sells thrombosis brands, French site

Sep 30, 2013

British drugs firm GlaxoSmithKline (GSK) said Monday that it has sold two thrombosis brands and a French plant to South African peer Aspen for £700 million ($1.13 billion, 834 million euros).

GlaxoSmithKline says net profits drop 13% in Q1

Apr 25, 2012

British drugsmaker GlaxoSmithKline said Wednesday that its net profits dropped 13 percent to £1.325 billion (1.616 billion euros, $2.134 billion) in the first quarter from a year earlier.

Recommended for you

Uganda on defensive over medical 'brain drain' uproar

13 hours ago

Uganda's government on Tuesday hit back at mounting criticism of plans to 'export' over 200 health workers to the Caribbean, insisting it was only seeking to regulate an existing labour market and prevent abuses.

Seth Mnookin on vaccination and public health

Mar 02, 2015

Seth Mnookin, an assistant professor of science writing and associate director of MIT's Graduate Program in Science Writing, is the author of "The Panic Virus: The True Story Behind the Vaccine-Autism Controversy" ...

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.