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GSK to Acquire BMS Pakistan

LONDON, Dec. 22, 2008-GlaxoSmithKline (GSK) announced today that it 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.

Notes to editors

This acquisition follows the agreement GSK announced with South African based pharmaceuticals company Aspen in July 2008, which significantly extended GSK’s pharmaceuticals portfolio in emerging markets; and the acquisition of the Egyptian mature products business of Bristol-Myers Squibb, announced in October 2008.

Emerging markets are forecast to account for 40% of growth in the worldwide pharmaceutical market by 2020.

GSK has been operating in Pakistan since 1948 and is a market leader in the local industry in value, volume and prescription shares.  Pakistan is the sixth most populous country in the world with a population of approximately 161 million. The pharmaceutical business in Pakistan is valued at $1.2 billion (£0.8 billion) and grew at a CAGR of 12% over the last 5 years (Source: IMS).

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Posted: December 2008