GSK says lifts Indian pharmaceutical unit stake to 75%

March 10, 2014

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.

Explore further: GSK unveils expansion plans in India, Nigeria

Related Stories

GSK unveils expansion plans in India, Nigeria

November 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

September 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

April 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

The ethics of tracking athletes' biometric data

January 18, 2017

(Medical Xpress)—Whether it is a FitBit or a heart rate monitor, biometric technologies have become household devices. Professional sports leagues use some of the most technologically advanced biodata tracking systems to ...

Study shows blood products unaffected by drone trips

December 7, 2016

In what is believed to be the first proof-of-concept study of its kind, Johns Hopkins researchers have determined that large bags of blood products, such as those transfused into patients every day, can maintain temperature ...

0 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.