GSK acquired a Latin American pharmaceutical company
06-11-2010
GlaxoSmithKline announced that it has acquired Laboratorios Phoenix S.A.C.yF (‘Phoenix’), an Argentine pharmaceutical business, for a cash consideration of approximately $253 million. Under the terms of the transaction, GSK will gain full ownership of Phoenix in a move to accelerate sales growth and further extend its pharmaceutical portfolio in Argentina and the Latin America region.
Under the terms of the agreement GSK will gain access to a portfolio of branded generic pharmaceutical products covering therapeutic areas including cardiovascular, gastroenterology, metabolic and urology, as well as a manufacturing facility near Buenos Aires and Phoenix’s salesforce. In addition, GSK will acquire an extensive local pipeline of branded generics and product development capability in Argentina.
Following the acquisition, GSK Argentina and Phoenix will stay as two separate legal entities and Phoenix will continue to be called Laboratorios Phoenix S.A.C.yF.
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