GSK moves forward in plan to acquire Bristol-Myers Squibb Pakistan Ltd.

LONDON GlaxoSmithKline will buy Bristol-Myers Squibb’s division in Pakistan, along with several associated trademarks, the British drug maker announced Monday.

GSK plans to spend about $36.5 million to acquire Bristol-Myers Squibb Pakistan Ltd., including a portfolio of more than 30 pharmaceutical brands, some of which occupy leading market positions in key therapeutic disease areas. The drugs include antibiotics, vitamins and dermatology drugs, with sales totaling $19 million last year.

The companies expect to complete the acquisition in early 2009.

“We are continuing to make investments in emerging markets to grow and diversity GSK’s business,” GSK president for emerging markets Abbas Hussain said. “This acquisition reinforces our commitment to Pakistan, broadening our product portfolio and helping us to meet the needs of patients.”