GlaxoSmithKline drives into Latin America's branded generics sector, buying Labs Phoenix for $253 million
UK drugs giant GlaxoSmithKline is extending its reach into emerging markets, revealing yesterday that it buying full control of a leading Argentinean drugmaker, Laboratorios Phoenix, for a cash consideration of around $253 million, and gaining a stronger foot hold in Argentina's pharmaceutical market, which is valued at about $3 billion by IMS Health.
Commenting on the agreement Abbas Hussain, president, Emerging Markets GSK, said: 'This is an important step forward in our strategy to grow our business in Latin America; a key group of emerging markets for GSK. By acquiring Phoenix, we will rapidly expand our presence in the fast-growing Argentine market. In addition, Phoenix's broad portfolio and rich pipeline of branded generics will enable us to bring more medicines of value to patients in Argentina.
Acquisition includes manufacturing facility
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