GSK extends presence in South Korea with Dong-A stake
Firms will co-promote primary care products in Korean market
GlaxoSmithKline (GSK) has paid £74m to take a 9.9% share in Dong-A Pharmaceuticals, the leading pharmaceutical and otc company in South Korea.
The two firms will co-promote selected GSK and Dong-A pharmaceutical products for use in primary care and share the profit generated from sales. Additional synergies will be explored to strengthen their positions in the Korean pharmaceutical market.
Dong-A has a portfolio of proprietary and generic pharmaceutical products and consumer healthcare brands. Sales in 2009 were £414m.
‘With Dong-A’s market-leading position and expertise in Korea, this alliance presents a significant opportunity for GSK to extend its commercial footprint and build operational scale in this fast growing Asian market,’ said Christophe Weber, senior vice president and regional director of Asia Pacific for GSK.
Won-Bae Kim, president of Dong-A, added: ‘This collaboration is expected to improve our market competitiveness in the fast changing domestic and global pharmaceutical markets.’
