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GlaxoSmithKline plc (GSK) has signed an agreement with UCB S.A to acquire its current marketed product portfolio across certain territories in Africa, the Middle East, Asia Pacific and Latin America, for a cash consideration of €515 million (£483 million).
Commenting on the acquisition Abbas Hussain, President, Emerging Markets, GSK said, "As part of our strategy to grow and diversify GSK's business, we are continuing to make new investments in emerging markets. This acquisition will strengthen and expand GSK's product portfolio in these countries, helping us to meet the needs of patients, particularly in the areas of epilepsy and respiratory."
As a result of the agreement, GSK will acquire several leading pharmaceutical brands in a number of disease areas. These include Keppra® for the treatment of epilepsy and Xyzal® and Zyrtec® for the treatment of allergic rhinitis.
The commercial operations and product distribution rights to be acquired by GSK represent approximately three to four percent of UCB's 2008 expected revenue of at least €3.3 billion (£3.09 billion).
The acquired products will be sold in multiple territories. Asia Pacific territories include Malaysia, Taiwan, Thailand and Vietnam. Middle Eastern territories include Egypt, Pakistan, Saudi Arabia and United Arab Emirates. African territories include South Africa. Latina territories include Argentina and Chile. Territories excluded are China, South Korea, India, Australia, Mexico, Brazil and Malta.
Completion of the acquisition is expected to take place in late March 2009.
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. 