GlaxoSmithKlines acquires Bristol-Myers Squibb’s Egyptian mature products business

10/17/2008

LONDON GlaxoSmithKline has acquired the Egyptian mature products business of Bristol-Myers Squibb, the British drug maker announced Wednesday.

GSK said the acquisition, worth $210 million, is a move to accelerate sales growth and further extend its pharmaceutical portfolio in emerging markets.

“This acquisition is an important step forward in GSK’s strategy to accelerate sales growth in emerging markets,” GSK president for emerging markets Abbas Hussain said in a statement. “It will enable us to build and diversify our existing branded pharmaceuticals portfolio and signals our strong commitment to provide quality medicines to patients in Egypt and other countries in the Middle East and North Africa regions.”

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