GSK agrees to buy Nanjing MeiRui Pharmaceuticals

Published: 7-Dec-2010
Finance

Expands presence in emerging market of China


GlaxoSmithKline (GSK) has entered into an agreement to buy Nanjing MeiRui Pharma Co (MeiRui) for approximately US$70m (£44.4m) in cash.

GSK will acquire 90% of MeiRui from Pagoda Pharmaceuticals, a privately owned company registered in the British Virgin Islands, and the remaining 10% from Allergon of Sweden.

MeiRui is a leading Chinese pharmaceutical business specialising in urology and allergy products, including Prostat for benign prostatic hyperplasia and Sheniting for overactive bladder syndrome.

GSK will gain access to these products, as well as MeiRui's sales and marketing platform and a manufacturing facility in Nanjing City, Jiangsu Province, China.

The deal is expected to close by the end of the year, subject to regulatory approval.

  • Companies:
  • GlaxoSmithKline
  • Nanjing MeiRui Pharma Co
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