GlaxoSmithKline (GSK) has entered into a definitive agreement through which GSK will acquire Bristol-Myers Squibb Pakistan (Private) Ltd (BMSP) and certain associated trademarks for approximately $36.5 million (£24.6 million).

Commenting on the acquisition Abbas Hussain, president, Emerging Markets, GSK said, "We are continuing to make investments in emerging markets, to grow and diversify GSK's business. This acquisition reinforces our commitment to Pakistan, broadening our product portfolio and helping us to meet the needs of patients."

GSK will acquire a portfolio of over 30 well-established pharmaceutical brands, many of which occupy leading market positions in key therapeutic disease areas in Pakistan. The BMSP product portfolio, which includes antibiotics, vitamins and dermatology products is complementary to GSK's existing portfolio and will also provide new opportunities for GSK in the fast-growing therapeutic areas of cardiovascular and oncology. Total sales of the BMSP product portfolio in 2007 were PKR1.5bn (approximately $19m). Completion of the acquisition is expected by early next year.