UK drugmaker steps up drive into emerging Latin American markets
GlaxoSmithKline (GSK) has acquired Laboratorios Phoenix, a leading Argentine pharmaceutical business, for US$253m. GSK said the transaction would accelerate sales growth and further extend its pharmaceutical portfolio in Argentina and Latin America.
GSK gains access to a broad portfolio of branded generic pharmaceuticals covering cardiovascular, gastroenterology, metabolic and urology therapeutic areas.
In addition, GSK will acquire a manufacturing facility near Buenos Aires and Phoenix’s established primary care sales force, as well as 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.
GSK Argentina reported sales of approximately £100m in 2009 across its pharmaceuticals, vaccines and consumer healthcare businesses. Phoenix had sales of approximately £70m in the same period.
Commenting on the acquisition, Abbas Hussain, president Emerging Markets at GSK, said: ‘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.’