GlaxoSmithKline plc (GSK) has acquired the branded generics business of Bristol Myers Squibb (BMS) in Lebanon, Jordan, Syria, Libya and Yemen for a cash consideration of $23.2 million (£14.2m). The business comprises a portfolio of 13 branded pharmaceuticals with annual sales in 2008 of $11.8m. This purchase is another step forward in GSK's strategy to accelerate growth in emerging markets and signals a strong commitment to provide quality medicines to patients in the Middle East and North Africa.
This acquisition builds upon GSK's previous purchases of mature branded products in 2008 from BMS in Pakistan and Egypt, which included a high quality manufacturing plant in Giza, Greater Cairo. BMS will continue to supply the products acquired today until 2011 when it is anticipated that manufacture will transfer to GSK's Giza plant.