GSK drives Latin America growth strategy with acquisition of Laboratorios Phoenix

GlaxoSmithKline (GSK)GlaxoSmithKline plc (GSK) has acquired Laboratorios Phoenix S.A.C.yF ('Phoenix'), a leading Argentine pharmaceutical business, for a cash consideration of approximately $253 million. Under the terms of the transaction, GSK will gain full ownership of Phoenix in a move to accelerate sales growth and further extend its pharmaceutical portfolio in Argentina and the Latin America region.

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."

Under the terms of the agreement GSK will gain access to a broad portfolio of branded generic pharmaceutical products covering therapeutic areas including cardiovascular, gastroenterology, metabolic and urology, as well as a manufacturing facility near Buenos Aires and Phoenix's established primary care salesforce. In addition, GSK will acquire 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 S.A.C.yF.

Argentina, recently identified by IMS as one of the important third tier 'pharmerging' markets after BRICMT, is the eighth largest market in Emerging Markets, with a total market value of $3 billion and the third highest growth rate at 22%.

GSK Argentina reported total sales of approximately £100 million in 2009 across its pharmaceuticals, vaccines and consumer healthcare businesses. It is currently positioned number 14 in the Argentine pharmaceutical market with IMS reported sales of £56 million.

Phoenix reported sales of approximately £70 million in 2009 and it is currently ranked number eight in the Argentine pharmaceutical market, according to IMS.

Combined, GSK Argentina and Phoenix would currently rank third in the Argentine pharmaceutical market.

About GlaxoSmithKline
GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com.

About Phoenix
Phoenix is a leading Argentine pharmaceutical company focused on the development, manufacturing, marketing and sale of branded generic products.

Phoenix has been established for more than 70 years in the Argentine market and has a broad based portfolio covering the cardiology, gastroenterology, neuroscience, metabolic, urology and analgesic therapy areas.

Most Popular Now

Pfizer's elranatamab granted FDA Breakthrough Ther…

Pfizer Inc. (NYSE:PFE) announced its investigational cancer immunotherapy, elranatamab, received Breakthrough Therapy Designation from the U.S. Food and Drug Administrati...

Vividion Therapeutics names Jenna Goldberg as Chie…

Vividion Therapeutics, Inc., a biopharmaceutical company utilizing novel discovery technologies to unlock high value, traditionally undruggable targets with precision the...

Bayer with continued strong performance

The Bayer Group maintained its strong business performance across all three divisions in the third quarter. "Despite rising inflation and global supply chain problems, we...

Pfizer and BioNTech receive positive CHMP opinion …

Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) announced a booster dose of their Omicron BA.4/BA.5-adapted bivalent COVID-19 vaccine (COMIRNATY® Original/Omicron ...

Sanofi and GSK's next-generation COVID-19 booster …

After the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for VidPrevtyn® Beta, the vaccine was approved by t...

Sugar molecules as a target in cancer therapy

Cancer cells use sugar molecules on their surface to disable attacks by the body's immune system. Researchers at the University of Basel now report on how this mechanism ...

COVID vaccination improves effectiveness of cancer…

Patients with nasopharyngeal cancer are often treated with drugs that activate their immune system against the tumor. Until now, it was feared that vaccination against Co...

Making melanoma immortal: Pitt scientists discover…

Scientists at the University of Pittsburgh School of Medicine have discovered the missing puzzle piece in the mystery of how melanoma tumors control their mortality. I...

GSK announces positive Phase IIa study results for…

GSK plc (LSE/NYSE: GSK) announced positive results from a Phase IIa study demonstrating that GSK3036656, a first-in-class investigational antitubercular agent, was well t...

New drug shows promise for fighting both COVID-19 …

While vaccination can provide life-saving protection against COVID-19, scientists are still searching for ways to treat severe infections, including in people who cannot ...

Machine learning can help predict patient response…

Predicting which patients will respond well to treatment is a quandary that has plagued the field of cancer immunotherapy for more than four decades. Now, researchers at ...

Study reveals vaccine confidence declined consider…

A new study suggests that, despite the success of the COVID-19 vaccination campaigns, vaccine confidence has declined significantly since the start of the pandemic. Re...