GlaxoSmithKline bets big on emerging markets in $1bn plan to raise stake in India unit
Britain’s biggest drug maker, GlaxoSmithKline, has set out plans to raise its stake in its Indian business by up to 75 per cent in a deal worth about £629 million.
Glaxo currently owns 50.7% of its listed Indian subsidiary, but said it would pay Rs3,100 (£30.67) per share — 26% more than the last unaffected closing price — to boost its stake in the emerging market.
It’s Glaxo’s second big investment in India this year, while it also boosted a 40.2% holding in its Indian consumer-health care business — which makes one of the country’s most popular drinks, Horlicks — to 75%.
Chief executive Sir Andrew Witty has made clear his strategy to reduce Brentford-based Glaxo’s reliance on traditional prescription drugs in Western economies where sales are slowing.
- 1 Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
- 2 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 3 People who sleep more than eight hours are more likely to have a stroke, research shows
- 4 Kanye West climbs on table at Nando's to crowd chants of 'Yeezus' before Brit Awards 2015 performance of 'All Day'
- 5 New theory could prove how life began and disprove God
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£17000 - £25000 per annum: Recruitment Genius: An opportunity to join this new...
£18000 - £21000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£36000 - £44000 per annum: Recruitment Genius: Encouraging more businesses to ...