GSK extends emerging markets business
Wednesday 12 May 2010
GlaxoSmithKline continued its march into the emerging markets by taking a 9.9 per cent in a South Korean drugs group yesterday. Europe's largest pharmaceuticals company said that it had entered into a strategic alliance with Dong-A Pharmaceuticals, paying £73.9m for its stake in the company.
The alliance will initially co-promote a number of GSK and Dong-A products for use in primary care. The two companies said that additional synergies will be explored to strengthen both companies' commercial positions within the Korean market. Under the deal, the companies will share profits generated from the co-promoted products.
"With Dong-A's market-leading position and expertise in Korea, this alliance presents a significant opportunity for GSK to extend its commercial footprint and build operational scale in this fast growing Asian market," said Christophe Weber of GSK's Asia-Pacific region.
The deal is typical of the kind of transaction favoured by GSK since Andrew Witty became chief executive two years ago. The group has cut spending on research and development and has switched its attention away from high-cost medicines in favour of activity in developing economies. In addition to yesterday's deal, GSK has similar deals in a number of countries, including South Africa.
Separately, maker of diagnostic tests Response Genetics signed a deal with GSK yesterday, giving the pharma giant the tests which assess gene mutilations.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
- 3 Amal Clooney gives excellent answer to fashion question at European Court of Human Rights
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Amal Clooney gives excellent answer to fashion question at European Court of Human Rights
Sir David Attenborough interview: The one question about life that still baffles him
Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
One spelling error costs Companies House up to £9 million after being sued for ruining business
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
9 reasons Greece's experiment with the radical left is doomed to failure
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...